By Cristal Cody
Tupelo, Miss., Jan. 21 – Ares European Loan Management LLP priced €412 million of notes due July 20, 2032 in a new euro-denominated collateralized loan obligation deal settled in 2020, according to a market source.
Ares European CLO XIII BV sold €2 billion of class X floating-rate notes at Euribor plus 40 basis points, €240 million of class A floating-rate notes at Euribor plus 98 bps, €36 million of class B-1 floating-rate notes at Euribor plus 180 bps and €10 million of 2.1% class B-2 fixed-rate notes.
The CLO also priced €24 million of class C-1 floating-rate notes at Euribor plus 250 bps, $10 million of 2.6% class C-2 fixed-rate notes, €24 million of class D floating-rate notes at Euribor plus 410 bps, €19 million of class E floating-rate notes at Euribor plus 635 bps, €11 million of class F floating-rate notes at Euribor plus 877 bps and €36 million of subordinated notes.
Citigroup Global Markets Ltd. arranged the deal.
Ares European Loan Management will manage the CLO.
The CLO is backed mainly by broadly syndicated senior secured loans or senior secured bonds.
Ares European Loan Management is an asset management firm based in London.
| Issuer: | Ares European CLO XIII BV
|
| Amount: | €412 million
|
| Maturity: | July 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Ares European Loan Management LLP
|
| Pricing date: | Nov. 27
|
| Settlement date: | Jan. 21
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 40 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.6%
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 410 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 635 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 877 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €36 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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