By Cristal Cody
Tupelo, Miss., Oct. 15 - Ares Management LLC affiliate Ares CLO Management XXVIII LP sold $518.5 million of notes due Oct. 17, 2024, according to market sources.
Ares XXVIII CLO Ltd./Ares XXVIII CLO LLC priced $310 million of class A senior floating-rate notes (Aaa/AAA/) at Libor plus 135 basis points; $57.5 million of class B-1 senior floating-rate notes (/AA/) at Libor plus 175 bps; $10 million of 4.25% class B-2 senior fixed-rate notes (/AA/); $26 million of class C-1 mezzanine deferrable floating-rate notes (/A/) at Libor plus 275 bps; $10 million of 5.2% class C-2 mezzanine deferrable fixed-rate notes (/A/); $26 million of class D mezzanine deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $22.25 million of class E junior deferrable floating-rate notes (/BB/) at Libor plus 490 bps; $13 million of class F junior deferrable floating-rate notes (/B/) at Libor plus 525 bps and $43.75 million of subordinated notes.
Merrill, Lynch, Pierce, Fenner & Smith Inc. arranged the deal.
The notes have a two-year non-call period and a four-year reinvestment period.
The issue is collateralized by broadly syndicated first-lien senior secured corporate loans.
Ares CLO Management XXVIII LP is the CLO manager.
Ares Management last priced a deal in the series with the $412.8 million Ares XXVII CLO Ltd./Ares XXVII CLO LLC transaction in July.
| Issuer: | Ares XXVIII CLO Ltd./Ares XXVIII CLO LLC
|
| Amount: | $518.5 million
|
| Maturity: | Oct. 17, 2024
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Merrill, Lynch, Pierce, Fenner & Smith Inc.
|
| Manager: | Ares CLO Management XXVIII LP
|
| Call feature: | Oct. 17, 2015
|
| Settlement date: | November
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $57.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
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| Amount: | $46 million
|
| Securities: | Senior fixed-rate notes
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| Coupon: | 4.25%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C-1 notes
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| Amount: | $26 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C-2 notes
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| Amount: | $26 million
|
| Securities: | Mezzanine deferrable fixed-rate notes
|
| Coupon: | 5.2%
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $22.25 million
|
| Securities: | Junior deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $13 million
|
| Securities: | Junior deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Equity tranche
|
| Amount: | $43.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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