Chicago, Nov. 1 – Ares CLO Management LLC priced $402.1 million of notes due Oct. 15, 2032 in the new Ares LIV CLO Ltd./Ares LIV CLO LLC transaction, representing its fourth CLO priced in 2019, according to a market source.
The new CLO primarily consists of broadly syndicated senior secured corporate loans.
The new issue includes the following:
• $1 million of class X floating-rate notes at Libor plus 60 basis points;
• $256 million of class A floating-rate notes at Libor plus 132 bps;
• $48 million of class B floating-rate notes at Libor plus 185 bps;
• $24 million of class C floating-rate notes at Libor plus 285 bps;
• $22 million of class D deferrable floating-rate notes at Libor plus 395 bps;
• $18 million of class E deferrable floating-rate notes at Libor plus 734 bps; and
• $33.1 million of subordinated notes.
The notes have a five-year reinvestment period and come with a two-year non-call feature.
Barclays is the initial purchaser.
Ares CLO Management will be the CLO manager.
Ares Management is an alternative asset management firm based in Los Angeles.
| Issuer: | Ares LIV CLO Ltd./Ares LIV CLO LLC
|
| Amount: | $402.1 million
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Ares CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 1
|
| Closing date: | Nov. 15
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 734 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $33.1 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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