By Cristal Cody
Tupelo, Miss., June 3 – Barings LLC priced $335.53 million of notes due April 20, 2029 in the company’s first collateralized loan obligation deal of 2020, according to market sources.
Broad River BSL Funding CLO Ltd. 2020-I/Broad River BSL Funding CLO Ltd. 2020-I LLC sold $212.5 million of class A floating-rate notes at Libor plus 185 basis points, $53.75 million of class B floating-rate notes at Libor plus 238 bps, $18 million of class C deferrable floating-rate notes at Libor plus 319 bps, $21.5 million of class D deferrable floating-rate notes at Libor plus 495 bps and $29.78 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO will be managed by Jocassee Partners LLC, a joint venture formed in 2019 between South Carolina Retirement Systems Group Trust and Barings BDC Inc.
The CLO has a one-year non-call period and a one-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
Barings priced four new dollar-denominated broadly syndicated CLOs in 2019 and in 2018.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Broad River BSL Funding CLO Ltd. 2020-I/Broad River BSL Funding CLO Ltd. 2020-I LLC
|
| Amount: | $335.53 million
|
| Maturity: | April 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Jocassee Partners LLC
|
| Call feature: | One year
|
| Pricing date: | May 21
|
| Settlement date: | June 4
|
|
|
| Class A notes
|
| Amount: | $212.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $53.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 238 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 319 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $21.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 495 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $29.78 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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