Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Ares LII CLO LLC > News item |
Ares Management sells second 2019 CLO; conference attendees expect ongoing market drag
By Rebecca Melvin
New York, Feb. 28 – Pricing emerged on the second Ares Management LLC deal in as many months on Thursday, namely its $507.5 million of notes due April 22, 2031 in the Ares LII CLO Ltd./Ares LII CLO LLC transaction, according to a market source.
Ares Management priced the $507.05 million Ares LI CLO transaction on Jan. 22.
At the top of the stack, the Ares LII CLO priced $300 million of class A-1 senior secured floating-rate notes to yield Libor plus 133 basis points. The deal is expected to close on March 27.
Ares Management is an alternative asset management firm based in Los Angeles.
Meanwhile, market players were reflecting on the Structured Finance Industry Group conference, which was held in Las Vegas and wrapped up on Wednesday.
The market has hit a rough patch and it has further to go before there is a lot of relief, but Wells Fargo’s Dave Preston and Mackenzie Miller wrote that the tone of SFIG conference participants was “comparatively bullish.”
In their recap published on Wednesday, the Wells Fargo Securities analysts said that investors discussing value were not expecting a near-term rally in CLO spreads generally, but they were impressed with a recovery since December.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.