Ivy Hill Middle Market Credit Fund XX Ltd. is a $419.23 million middle market CLO managed by Ivy Hill Asset Management L.P., a subsidiary of Ares Capital Corp. This is a proposed refinancing of its March 2023 transaction. Based on provisions in the transaction documents and the portfolio characteristics: The replacement class A-1R, A-2R, B-R, C-R, D-R, and E-R debt is expected to be issued at a lower spread over three-month term SOFR than the original notes. The original class A debt will be split into class A-1R and A-2R debt. The stated maturity will be extended by 2.25 years. The reinvestment period and non-call period will be extended by 2.13 years. New class X-R debt will be issued in
