By Rebecca Melvin
New York, March 7 – Ares Management LLC has priced $714 million of notes due April 15, 2031 in the new Ares XLVII CLO Ltd./Ares XLVII CLO LLC transaction, according to a market source on Wednesday.
The CLO primarily consists of broadly syndicated first-lien senior secured U.S. bank loans.
The Rule 144A and Regulation S deal includes $406 million of class A-1 senior floating-rate notes (//AAA) with a coupon of Libor plus 92 basis points; $49 million of class A-2 senior floating-rate notes with a coupon of Libor plus 120 bps; $73.5 million of class B senior floating-rate notes at Libor plus 145 bps; $41.3 million of class C mezzanine deferrable floating-rate notes at Libor plus 180 bps; $44.8 million of class D mezzanine deferrable floating-rate notes at Libor plus 265 bps; $29.4 million of class E mezzanine deferrable floating-rate notes at Libor plus 530 bps and $70 million of subordinated notes.
Goldman Sachs & Co. LLC was the underwriter.
Ares CLO Management II LLC is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
Ares Management has priced three new CLOs and refinanced three vintage CLOs year to date.
The CLO marks the Los Angeles-based alternative asset management firm’s first pricing of the year, which will bring its total U.S. CLO assets to about $13 billion.
| Issuer: | Ares XLVII CLO Ltd./Ares XLVII CLO LLC
|
| Amount: | $714 million
|
| Maturity: | April 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Ares CLO Management II LLC
|
| Call feature: | April 15, 2020
|
| Pricing date: | March 6
|
| Settlement date: | April 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $406 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 92 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $49 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $73 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
|
|
| Class C notes
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| Amount: | $41.30 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
|
|
| Class D notes
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| Amount: | $44.80 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
|
|
| Class E notes
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| Amount: | $29.40 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
|
|
| Equity
|
| Amount: | $70 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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