Ares Raises £305 Million With First European Private Credit CLO

Ares Management Corp. raised £305 million ($413 million) pricing a collateralized loan obligation backed by a pool of direct lending loans.

Ares European Direct Lending CLO 1 is comprised of loans issued by over 50 middle-market companies in the UK, according to a statement seen by Bloomberg News. It is the first re-investing CLO in the region, according to Ares, meaning that as the loans mature they are replaced by new ones.

The warehouse vehicle was registered in Luxembourg and will be rated by S&P Global Ratings and KBRA. The deal was arranged by BNP Paribas SA.

It’s ...