Ares Management offers $813.6 million of notes in Ares XXXIV CLO

By Cristal Cody

Tupelo, Miss., July 24 – Ares Management LLC intends to price an $813.6 million collateralized loan obligation offering of notes due July 29, 2026, a market source said.

The Ares XXXIV CLO Ltd./Ares XXXIV CLO LLC transaction includes $495 million of class A senior floating-rate notes (Aaa/AAA/); $103.1 million of class B senior floating-rate notes (Aa1//); $63.9 million of class C mezzanine deferrable floating-rate notes (A2//); $42 million of class D mezzanine deferrable floating-rate notes (Baa3//); $11.5 million of class E-1 mezzanine deferrable floating-rate notes; $20.5 million of class E-2 mezzanine deferrable floating-rate notes; $11.9 million of class F mezzanine deferrable floating-rate notes and $65.7 million of subordinated notes.

Barclays Capital Inc. is the placement agent.

Ares CLO Management XXXIV, LP will manage the CLO, which is non-callable until July 29, 2017.

The reinvestment period ends July 29, 2019.

The offering is backed primarily by broadly syndicated senior secured corporate loans.

The deal is expected to close on Aug. 27.

Ares Management previously brought to market the $613 million Ares XXXIII CLO Ltd./Ares XXXIII CLO LLC transaction on Feb. 3 and refinanced $612.4 million of notes in the Ares XXIV CLO Ltd./Ares XXIV CLO LLC vehicle on May 15.

The Los Angeles-based alternative asset management firm priced three CLOs in 2014.

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