Another CLO manager has refinanced a senior tranche of securities before the coupon stepped up to a much higher rate.

Ares Management refinanced a total of three of the debt tranches of its Ares Enhanced Loan Investment Strategy IR, according to Deutsche Bank. In particular, a senior, AAA-rated tranche that originally paid 100 basis points over Libor at issuance in the summer of 2013, but had stepped up twice, to Libor plus 150 basis points in early 2015 and then to  Libor plus 175 basis points in January this year.

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