Chicago, March 25 – Ares CLO Management LLC priced $610 million of notes due April 25, 2034 in a new broadly syndicated collateralized loan obligation transaction being issued by Ares LIX CLO Ltd./Ares LIX CLO LLC, according to a pre-sale report.
The new notes are the $384 million of class A senior secured floating-rate notes at Libor plus 103 basis points, $57 million of class B-1 senior secured floating-rate notes at Libor plus 140 bps, $15 million of class B-2 2.78% senior secured fixed-rate notes,$33 million of class C-1 senior secured deferrable floating-rate notes at Libor plus 190 bps, $3 million of class C-2 3.35% senior secured deferrable fixed-rate notes, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 315 bps, $21 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps and $61 million of subordinated notes.
Ares will mange the portfolio, mostly senior secured loans, cash and eligible investments with the majority of borrowers based in the United States and Canada, for the five-year reinvestment period.
The notes can be called after April 25, 2023.
Natixis Securities Americas LLC is the placement agent.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
| Issuers: | Ares LIX CLO Ltd./Ares LIX CLO LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $610 million
|
| Maturity: | April 25, 2034
|
| Agent: | Natixis Securities Americas LLC
|
| Manager: | Ares CLO Management LLC
|
| Call: | April 25, 2023
|
| Announcement date: | March 25
|
| Settlement date: | April 15
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 103 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | $57 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $15 million
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| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.78%
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
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| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $3 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.35%
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $61 million
|
| Securities: | Subordinated notes
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