Ares, Och-Ziff, Hayfin, Partners Group, Mariner tap primary; Redding Ridge prints CLO

By Cristal Cody

Tupelo, Miss., April 9 – Ares Management LLC priced $589.3 million of notes in its third new dollar-denominated CLO transaction of the year.

Other CLO managers also have priced their first deals of the year.

Och-Ziff Loan Management LP sold $505.43 million of notes.

Hayfin Capital Management LLC brought a $500.5 million CLO to the primary market in its first dollar issuance in 2019.

Partners Group US Management CLO LLC sold $481.8 million of notes.

Mariner Investment Group, LLC priced a $405.9 million CLO.

Also, details emerged on Redding Ridge Asset Management (UK) LLP’s €451.83 million debut euro-denominated broadly syndicated CLO offering.

Year to date, about $30 billion of dollar-denominated CLOs and nearly €7 billion of euro-denominated CLOs have priced, according to market sources.

In its deal, Ares Management priced $589.3 million of notes due April 24, 2031 in the Ares LIII CLO Ltd./Ares LIII CLO LLC transaction, according to a market source.

In the senior tranches, the CLO sold $351 million of class A-1 senior floating-rate notes at Libor plus 133 basis points, $29.3 million of class A-2 senior floating-rate notes at Libor plus 165 bps and $55.6 million of class B senior floating-rate notes at Libor plus 188 bps.

J.P. Morgan Securities LLC was the placement agent.

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