Chicago, Aug. 30 – Ares CLO Management LLC sold $403 million of notes in a collateralized loan obligation issued by Ares LXVI CLO Ltd., according to a new issue report and a press release.
The notes will mature on July 25, 2034.
The CLO consists of $180 million of class A-1a senior floating-rate notes at SOFR plus 210 basis points, $61 million of class A-1b senior floating-rate notes at SOFR plus 205 bps, $15 million of class A-1c 4.79% senior fixed-rate notes, $10 million of class A-2 senior floating-rate notes at SOFR plus 260 bps, $31 million of class B senior floating-rate notes at SOFR plus 315 bps, $24.6 million of class C mezzanine deferrable floating-rate notes at SOFR plus 396 bps, $18 million of class D-1 mezzanine deferrable floating-rate notes at SOFR plus 513 bps, $8.4 million of class D-2 mezzanine deferrable floating-rate notes at SOFR plus 623 bps, $15 million of class E mezzanine deferrable floating-rate notes at SOFR plus 874 bps and $40 million of subordinated notes.
Ares CLO Management LLC will manage the collateral through the end of the three-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The alternative asset management firm is based in Los Angeles and is a subsidiary of Ares Management LP.
| Issuer: | Ares LXVI CLO Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $403 million
|
| Maturity: | July 25, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | Ares CLO Management LLC
|
| Settlement date: | Aug. 23
|
|
|
| Class A-1a notes
|
| Amount: | $180 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1b notes
|
| Amount: | $61 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1c notes
|
| Amount: | $15 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 4.79%
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $31 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $24.6 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 396 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | $18 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 513 bps
|
| Rating: | Fitch: BBB+
|
|
|
| Class D-2 notes
|
| Amount: | $8.4 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 623 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 874 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
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