By Cristal Cody
Tupelo, Miss., Nov. 3 – Barings LLC priced $396.45 million of notes due Jan. 15, 2034 in a new broadly syndicated collateralized loan obligation deal, according to market sources.
Barings CLO Ltd. 2020-III/Barings CLO Ltd. 2020-III LLC sold $252 million of class A-1 floating-rate notes at Libor plus 130 basis points, $106 million of 2% class B deferrable fixed-rate notes, $20 million of 5% class C deferrable fixed-rate notes and $18.45 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
Barings has priced three new CLOs year to date.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings CLO Ltd. 2020-III/Barings CLO Ltd. 2020-III LLC
|
| Amount: | $396.45 million
|
| Maturity: | Jan. 15, 2034
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Barings LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 8
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Kroll: AAA
|
|
|
| Class B notes
|
| Amount: | $106 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | Kroll: BBB-
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5%
|
| Ratings: | Kroll: BB-
|
|
|
| Equity
|
| Amount: | $18.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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