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Ares European CLO X BV: 08 September 2018

Ares European Loan Management, an affiliate of the Los Angeles-based Ares Management, has closed its second euro-denominated CLO of the year at spreads that are considerably wider than those of the initial deal, which completed in February.

The transaction will feature a 4.5-year reinvestment period. Eligibility criteria (includes): at least 96.0% of the portfolio must consist of senior secured loans and senior secured bonds; up to 4.0% of the portfolio may consist of unsecured obligations, second-lien loans, mezzanine loans and high yield bonds.

The portfolio is expected to be approximately 65% ramped up as of the closing date.