Ares Management Prices Third CLO Of 2017 At $1.1B

Jul 17 2017 | 7:47pm ET

The credit division of global asset manager Ares Management has priced its latest collateralized loan obligation at $1.1 billion, the second largest in the firm’s history and its 44th overall.

The new vehicle, named Ares XLIV CLO Ltd., was sponsored by the company’s credit group and is expected to close by the end of the third quarter, the company said in a statement. Primarily comprised of broadly syndicated first lien senior secured U.S. bank loans, it is also second largest broadly syndicated CLO so far this year. 

Ares XLIV represents Ares Management’s third CLO in 2017, with an aggregate amount priced or closed year to date of more than $2.3 billion. The company, which sponsors and manages both corporate and real estate CLOs, is among the largest CLO managers with more than $13 billion in CLOs managed in the U.S. and Europe as of March 31, 2017. 

Founded in 1997 and publically traded, Ares Management is a leading global alternative asset manager with approximately $100 billion of assets under management as of March 31, 2017. The firm operates in three distinct investment groups: Credit, Private Equity and Real Estate. 


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