By Cristal Cody
Tupelo, Miss., Feb. 21 – Ares Management LP affiliate Ares CLO Management XXXI, LP refinanced $896.8 million of notes due Aug. 25, 2025 in two tranches from the 2014 Ares XXXI CLO Ltd./Ares XXXI CLO LLC transaction, according to a market source.
The CLO sold $759.9 million of class A-1-R senior floating-rate notes at par to yield Libor plus 118 basis points and $136.9 million of class A-2-R senior floating-rate notes at par to yield Libor plus 155 bps.
BofA Merrill Lynch was the refinancing agent.
Ares CLO Management XXXI will continue to manage the CLO.
The reinvestment period ends Aug. 28, 2018.
Proceeds from the refinancing will be used to redeem the original notes at par on Feb. 28.
The deal is collateralized primarily by broadly syndicated first-lien senior secured loans.
Ares Management priced two new CLOs and refinanced two vintage CLOs in 2016.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares XXXI CLO Ltd./Ares XXXI CLO LLC
|
| Amount: | $896.8 million
|
| Maturity: | Aug. 25, 2025
|
| Securities: | Senior floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Ares CLO Management XXXI, LP
|
| Pricing date: | Feb. 16
|
| Settlement date: | Feb. 28
|
|
|
| Class A-1-R notes
|
| Amount: | $759.9 million
|
| Coupon: | Libor plus 118 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $136.9 million
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
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