Ares takes over management of Clydesdale CLO 2007, says Moody's

One of the CLOs originally managed by Nomura seems to have been transferred over to Ares Management, according to announcement by Moody’s. Clydesdale CLO 2007 will be renamed Ares XXII according to the announcement although the fate of the five other Nomura-managed CLOs is unclear.

It’s understood that at least a couple of Clydesdale CLOs permit the noteholders to block the assignment of a manager provided that a majority vote is reached. Last month, Ares is understood to have sent a notice out to investors in the Clydesdale CLOs asking for them to waive their right to block the transfer, in an attempt to finalise the deal.

In April, Creditflux reported that Nomura had found a buyer for its CLOs in Los Angeles-based Ares Management with only investor consent required to rubber stamp the deal.