Bank of America Merrill Lynch is preparing a $402 million CLO to be managed by Ares Management, according to Bloomberg.
The investment portfolio will include a $260 million tranche rated triple-A by Standard & Poor’s; a $21 million tranche rated double-A; a $35 million single-A-rated tranche, a $22 million triple-B-rated tranche; and an $18 million double-B-rated tranche, an unidentified source told the wire service.
The portfolio will also include a $46 million equity tranche. Bank of America is expected to market and price the deal in January.
Representatives for both firms declined to comment.
