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Ares Management to price $721.8 million notes in reset of 2016 print Ares XLVIII CLO
By Cristal Cody
Tupelo, Miss., Nov. 19 – Ares CLO Management LLC intends to price $721.8 million of notes in a refinancing and reset of the Ares XL CLO Ltd./Ares XL CLO LLC broadly syndicated transaction, according to a market source.
The offering includes $4.65 million of class X notes; $424.9 million of class A-1-R notes (//AAA); $26.6 million of class A-2-R notes (//AAA); $80.5 million of class A-3-R notes; $37.1 million of class B-R notes; $39.9 million of class C-R notes; $35 million of class D-R notes; $10.15 million of class E-R notes, as well as $63 million of original subordinated notes.
Goldman Sachs & Co. LLC is the refinancing placement agent.
Ares CLO Management will manage the CLO.
The maturity on the notes will be extended to Jan. 15, 2029.
The reset CLO has a one-year non-call period and a three-year reinvestment period.
In the original $707 million offering of notes due Oct. 15, 2027 that were issued Oct. 25, 2016, the CLO sold $424.9 million of class A-1 senior floating-rate notes at Libor plus 143 basis points, $30.1 million of class A-2 senior floating-rate notes at Libor plus 165 bps and $75.6 million of class A-3 senior floating-rate notes at Libor plus 185 bps.
The CLO also placed $37.8 million of class B mezzanine deferrable floating-rate notes at Libor plus 240 bps, $42 million of class C mezzanine deferrable floating-rate notes at Libor plus 370 bps, $33.6 million of class D mezzanine deferrable floating-rate notes at Libor plus 660 bps and $63 million of subordinated notes.
Proceeds from the deal, expected to close Dec. 13, will be used to redeem the original notes.
The CLO manager is a subsidiary of Los Angeles-based alternative asset management firm Ares Management LLC.
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