Ares European CLO VI plans to redeem five classes of notes on April 18

By Wendy Van Sickle

Columbus, Ohio, March 16 – Ares European CLO VI BV expects to redeem its of five classes of rated notes due 2025 and intends to make some changes to the terms and conditions of the subordinated, according to a notice.

The following are expected to be redeemed in full at par plus accrued interest at the option of retention holder Ares Management Ltd. on April 18:

• €177 million of class A senior secured floating-rate notes;

• €28 million of class B senior secured floating-rate notes;

• €25 million of class C senior secured deferrable floating-rate notes;

• €15.5 million of class D senior secured deferrable floating-rate notes; and

• €19 million of class E senior secured deferrable floating-rate notes.

Changes proposed to the subordinated notes and transaction documents include:

• Issuing new classes of senior rated notes that will be senior to the subordinated notes;

• Issuing a new class of mezzanine rated notes that will be subordinated to the new senior rated notes but senior to the subordinated notes;

• Extending the non-call period, the reinvestment period and the maturity date of the new rated notes and the existing subordinated notes;

• Procuring that the new rated notes are rated by Moody’s Investors Service Ltd. and

S&P Global Ratings, a division of S&P Global Inc.;

• Amending the transaction documents to include an additional par value test in respect of payments on the new mezzanine rated notes and to appoint Ares European Loan Management LLP as replacement investment manager and as retention holder; and

• Changing the portfolio profile tests to align them with the more recent rating agency criteria and the portfolio.

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