Chicago, June 29 – Ares CLO Management LLC sold $394.9 million in a collateralized loan obligation being issued by Ares Loan Funding III, Ltd., according to a new issue report and a press release.
The notes will mature on July 25, 2035.
The CLO consists of $240 million of class A-1 senior floating-rate notes at SOFR plus 183 basis points, $20 million of class A-2 senior floating-rate notes at SOFR plus 200 bps, $36 million of class B senior floating-rate notes at SOFR plus 240 bps, $18.7 million of class C-1 mezzanine deferrable floating-rate notes at SOFR plus 320 bps, $4.9 million of class C-2 mezzanine deferrable floating-rate notes at SOFR plus 392 bps, $25.4 million of class D mezzanine deferrable floating-rate notes at SOFR plus 425 bps, $13.8 million of class E mezzanine deferrable floating-rate notes at SOFR plus 758 bps and $36.1 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the 5.1-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
J.P. Morgan Securities LLC was the placement agent.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Ares Loan Funding III, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $394.9 million
|
| Maturity: | July 25, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Ares CLO Management LLC
|
| Settlement date: | June 24
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 183 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $18.7 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | Fitch: A+
|
|
|
| Class C-2 notes
|
| Amount: | $4.9 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 392 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $25.4 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $13.8 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 758 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $36.1 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
