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Ares Management Said to Be Planning $402 Million CLO

Dec. 14 (Bloomberg) -- Ares Management LLC is planning to raise a $402 million collateralized loan obligation with Bank of America Corp., according to two people familiar with the talks.

The investment portfolio will include a $260 million slice rated AAA by Standard & Poor’s, a $21 million slice graded AA, a $35 million slice graded A, a $22 million BBB rated piece and an $18 million piece with BB rating, said one of the people, who declined to be identified because the talks are private.

The portfolio will also include a $46 million slice of equity. Bank of America may market and price the deal in January, the person said.

CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.

Kerrie McHugh, a Bank of America spokeswoman, and Bill Mendel, a spokesman for Los Angeles-based Ares, declined to comment.

To contact the reporter on this story: Kristen Haunss in New York at khaunss@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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