Ares European Direct Lending CLO 1 Sarl: 05 July 2025
The assets securing the Notes will consist primarily of a portfolio of middle market commercial loans managed by Ares Management Limited.
Eligibility criteria (includes): it is a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Obligation, a Mezzanine Obligation, a Second Lien Loan, a High Yield Bond, an Uptier Priming Debt, a Partial PIK Obligation or a PIK Security; it is not a: (i) Structured Finance Security, (ii) letter of credit, (iii) Synthetic Security or (iv) Participation of a Participation; it is not a Zero Coupon Security, Step-Up Coupon Security or Step-Down Coupon Security; other than in the case of a Corporate Rescue Loan, a Current Pay Obligation, any Received Obligation received as part of a Bankruptcy Exchange or an obligation which is an Uptier Priming Debt, it has a S&P Rating of not lower than “CCC-”; it is not a Project Finance Loan.
The Issuer anticipates that by the Issue Date it, or the Collateral Manager on its behalf, will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least £210mln, which is approximately 75.0% of the Target Par Amount.
The Notes are being offered by the Issuer through BNP Paribas in its capacities as arranger and initial purchaser of the offering of such Notes subject to prior sale.
UK & EU Risk Retention: On the Issue Date, the Retention Holder (Ares European Credit Strategies Fund VII (Palo Verde) LP) will hold the Retention Notes indirectly through holding 100% of the economic interest in the Transferor (in respect of the Retention Notes) and the Transferor holding the Retention Notes and retaining on an ongoing basis a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures.
US Risk Retention: The Retention Holder intends to satisfy the US Risk Retention Rules by acquiring the US Retained Interest and holding it in the manner and for so long as required under the US Risk Retention Rules.