By Cristal Cody
Tupelo, Miss., July 31 – Ares CLO Management LLC priced $390 million of class A-R senior floating-rate notes from Ares XLI CLO Ltd./Ares XLI CLO LLC at Libor plus 120 basis points, according to a market source and a notice of changed pages to proposed first supplemental indenture on Tuesday.
The notes are due Jan. 15, 2029.
BNP Paribas Securities Corp. was the refinancing placement agent.
Ares CLO Management, a subsidiary of Ares Management LLC, will continue to manage the CLO.
The repriced notes have a one-year non-call period and a 2.5-year reinvestment period.
The CLO originally was issued Dec. 21, 2016. In that offering, Ares CLO Management had priced $390 million of class A notes at Libor plus 141 bps.
Proceeds will be used to redeem the outstanding class A notes.
The CLO is backed primarily by senior secured corporate loans.
Ares Management is an alternative asset management firm based in Los Angeles.
| Issuer: | Ares XLI CLO Ltd./Ares XLI CLO LLC
|
| Amount: | $390 million refinancing
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Senior floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Ares CLO Management LLC
|
| Coupon: | Libor plus 120 bps
|
| Call feature: | July 2020
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
| Distribution: | Rule 144A and Regulation S
|
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