Goldman Sachs has offered initial price guidance on certain slices of a $400 million CLO it is arranging for Ares Management, according to reports.

The Ares XXIII CLO includes a $26 million double-A tranche priced at Libor plus 300-325 bps; a $40 million single-A tranche priced at Libor plus 425-450 basis points; and a $21 million triple-B tranche priced at Libor plus 635-650 basis points.

Pricing information is not yet available on a $252 million triple-A tranche; a $19 million double-B tranche or the equity portion of the deal.

The marketing materials outline an 11-year maturity, a two-year non-call period and a four-year reinvestment period.

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