Ares European CLO VI DAC (refinance): 21 March 2021
The assets securing the Notes will consist of a portfolio of primarily Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Ares European Loan Management LLP.
On 3 September 2013 (the Original Issue Date) Ares European CLO VI B.V. issued Class A Senior Secured Floating Rate Notes due 2025, Class B Senior Secured Floating Rate Notes due 2025, Class C Senior Secured Deferrable Floating Rate Notes due 2025, Class D Senior Secured Deferrable Floating Rate Notes due 2025, Class E Senior Secured Deferrable Floating Rate Notes due 2025 and Subordinated Notes due 2025.
On 18 April 2017 (the 2017 Refinancing Date) the Original Issuer refinanced the Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2030, Class B-1-R Senior Secured Floating Rate Notes due 2030, Class B-2-R Senior Secured Fixed Rate Notes due 2030, Class C-R Senior Secured Deferrable Floating Rate Notes due 2030, Class D-R Senior Secured Deferrable Floating Rate Notes due 2030, Class E-R Senior Secured Deferrable Floating Rate Notes due 2030, and Class F-R Senior Secured Deferrable Floating Rate Notes due 2030.
On or about 19 March 2021 (the 2021 Refinancing Date) the Issuer will refinance the 2017 Class A Notes, the 2017 Class B Notes, the 2017 Class C Notes and the 2017 Class D Notes by issuing Class A Senior Secured Floating Rate Notes due 2030, Class B-1 Senior Secured Floating Rate Notes due 2030, Class B-2 Senior Secured Fixed Rate Notes due 2030, Class C Senior Secured Deferrable Floating Rate Notes due 2030, and Class D Senior Secured Deferrable Floating Rate Notes due 2030. The Class E & F Notes and the Subordinated Notes issued on the Original Issue Date and are not being offered pursuant to this transaction.
The Refinancing Notes are being offered by the Issuer through BNP Paribas (or any Affiliate acting on its behalf) in its capacity as initial purchaser of the offering of the Refinancing Notes subject to prior sale.
EU Risk Retention: The Collateral Manager shall act as the Retention Holder and shall undertake to retain a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures through the continued retention of Subordinated Notes with an original Principal Amount Outstanding equal to or greater than 5% of the greater of the Target Par Amount and the Collateral Principal Amount on the relevant date of determination, within the meaning of Article 6(3)(d) of the Securitisation Regulations in each case as in effect on the 2021 Refinancing Date.
US Risk Retention: Based on the LSTA Decision, no party involved in the transaction will obtain on the 2021 Refinancing Date and retain any Notes intended to satisfy the U.S. Risk Retention Rules.