CLO deal pipeline grows; Ares preps fifth CLO; American Money markets second deal of year

By Cristal Cody

Tupelo, Miss., Nov. 10 – The CLO deal pipeline is beginning to see steady action with two more transactions expected to price soon, according to market sources on Tuesday.

Ares Management LLC plans to price a $408 million CLO, its fifth new CLO offering year to date.

Also, American Money Management Corp. intends to bring to market its second CLO deal of the year, a $357.3 million transaction.

Ares Management plans to price $408 million of notes due Jan. 20, 2027 in the Ares XXXVIII CLO, Ltd./Ares XXXVIII CLO, LLC deal, according to a market source.

The offering includes $247.5 million of class A senior floating-rate notes (Aaa/AAA/); $30 million of class B-1 senior floating-rate notes (Aa2); $24.5 million of class B-2 senior fixed-rate notes (Aa2); $27 million of class C mezzanine deferrable floating-rate notes (A2); $21 million of class D mezzanine deferrable floating-rate notes (Baa3); $19 million of class E mezzanine deferrable floating-rate notes (Ba3) and $39 million of subordinated notes.

American Money Management is organizing a $357.3 million offering of notes due Nov. 15, 2027 in the AMMC CLO 17, Ltd./AMMC CLO 17, LLC transaction, according to a market source.

The deal includes $225.75 million of class A floating-rate notes (/AAA); $41 million of class B floating-rate notes (/AA); $23.75 million of class C deferrable floating-rate notes (/A); $14 million of class D deferrable floating-rate notes; $17.25 million of class E deferrable floating-rate notes (/BB) and $35.55 million of subordinated notes.

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