By Cristal Cody
Tupelo, Miss., Feb. 3 – Ares Management LLC sold $613 million of notes due 2025 in a collateralized loan obligation offering, according to a market source on Tuesday.
Ares XXXIII CLO Ltd./Ares XXXIII CLO LLC priced $373.2 million of class A-1 floating-rate notes at Libor plus 150 basis points; $59.8 million of class A-2a floating-rate notes at Libor plus 225 bps; $20 million of 3.16% class A-2b fixed-rate notes, which convert to Libor plus 245 bps after two years; and $12 million of 4.18% class B-1 deferrable fixed-rate notes, which convert to Libor plus 345 bps after two years.
The CLO sold $30 million of 4.52% class B-2 deferrable fixed-rate notes; $24.3 million of class C-1 deferrable floating-rate notes at Libor plus 370 bps; $7.5 million of 5.68% class C-2 deferrable fixed-rate notes; $27.6 million of class D deferrable floating-rate notes at Libor plus 550 bps; $9.6 million of class E deferrable floating-rate notes at Libor plus 650 bps and $49 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
Ares CLO Management XXXIII, LP will manage the CLO.
The transaction is backed primarily by broadly syndicated senior secured loans.
Ares Management priced three CLO deals in the U.S. market in 2014, including the $1.26 billion Ares XXXI CLO Ltd./Ares XXXI CLO LLC transaction on July 30.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares XXXIII CLO Ltd./Ares XXXIII CLO LLC
|
| Amount: | $613 million
|
| Maturity: | 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Ares CLO Management XXXIII, LP
|
| Pricing date: | Feb. 3
|
|
|
| Class A-1 notes
|
| Amount: | $373.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Standard & Poor’s: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $59.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2b notes
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| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.16%
|
| Ratings: | Non-rated
|
|
|
| Class B-1 notes
|
| Amount: | $12 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.18%
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $30 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.52%
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $24.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $7.5 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5.68%
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $27.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $9.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $49 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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