By Cristal Cody
Tupelo, Miss., Sept. 6 – Ares European Loan Management LLP sold €463.15 million of notes due Oct. 15, 2031 in new euro-denominated collateralized loan obligation deal that closed on Thursday, according to a market source.
Ares European CLO X BV priced €1.75 billion of class X senior secured floating-rate notes at Euribor plus 55 basis points; €274.5 million of class A senior secured floating-rate notes at Euribor plus 85 bps; €30.25 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps and €17 million of 2.1% class B-2 senior secured fixed-rate notes.
The CLO sold €31.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 225 bps, €25.75 million of class D senior secured deferrable floating-rate notes at Euribor plus 320 bps, €26 million of class E senior secured deferrable floating-rate notes at Euribor plus 501 bps and €13.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 707 bps.
The deal included €42.9 million of subordinated notes.
Merrill Lynch International was the placement agent.
The notes are backed primarily by euro-denominated senior secured loans and senior secured bonds.
Ares European Loan Management is an asset management firm based in London.
| Issuer: | Ares European CLO X BV
|
| Amount: | €463.15 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | Ares European Loan Management LLP
|
| Pricing date: | July 26
|
| Settlement date: | Sept. 6
|
|
|
| Class X notes
|
| Amount: | €1.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 55 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €274.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €30.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €17 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €25.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 501 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 707 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €42.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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