Ares Management Prices $1.26 Billion CLO
Ares Management, L.P. (NYSE: ARES) announced today the pricing of Ares XXXI CLO Ltd., a $1.26 billion Collateralized Loan Obligation (“CLO”) and the largest in the firm's history. Ares XXXI was sponsored by Ares' Tradable Credit Group and is one of the largest CLOs raised in the market since 2007. It is primarily comprised of broadly syndicated First Lien Senior Secured U.S. Bank Loans. The closing of Ares XXXI is expected by the end of the third quarter and is subject to customary closing conditions.
Ares Management is a leading global alternative asset manager and among the largest CLO managers with more than $12 billion in CLOs managed in the U.S. and Europe as of March 31, 2014. Ares sponsors and manages both corporate and real estate CLOs.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The securities to be offered have not been registered under the Securities Act of 1933 (the “Securities Act”) or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws. The securities will be offered inside the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to persons outside the United States in reliance on Regulation S under the Securities Act.
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