By Cristal Cody
Tupelo, Miss., May 21 - Ares Management LLC priced $360.76 million of 10-year notes in a CLO offering, according to details that emerged on Wednesday.
Ares XXX CLO Ltd. sold $240 million of class A floating-rate notes at Libor plus 85 basis points, $33 million of class B floating-rate notes at Libor plus 145 bps, $17 million of class C floating-rate notes at Libor plus 220 bps, $14 million of class D floating-rate notes at Libor plus 285 bps, $20.5 million of class E floating-rate notes at Libor plus 420 bps and $36.26 million of subordinated notes.
Deutsche Bank Securities Inc. was the placement agent.
Ares Management will manage the CLO.
The CLO has a one-year non-call period and no reinvestment period.
Ares Management is a Los Angeles-based alternative asset management firm.
| Issuer: | Ares XXX CLO Ltd.
|
| Amount: | $360.76 million
|
| Maturity: | 2024
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Ares Management LLC
|
| Call feature: | 2015
|
| Pricing date: | May 8
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $33 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Expected rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $17 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Expected rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $14 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Expected rating: | Moody's: Baa2
|
|
|
| Class E notes
|
| Amount: | $20.5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Expected rating: | Moody's: Ba2
|
|
|
| Equity tranche
|
| Amount: | $36.26 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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