Chicago, July 14 – Barings LLC refinanced the notes from the Broad River BSL Funding CLO Ltd. 2020-I/Broad River BSL Funding CLO Ltd. 2020-I LLC for $355.58 million, according to a pre-sale report.
The maturity date was pushed back 5.25 years to July 20, 2034.
The refinancing transaction includes the $221.4 million of class A-R senior secured floating-rate notes at Libor plus 117 basis points, $50.4 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $21.6 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $20.9 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps and $11.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps.
There are also $29.775 million of subordinated notes.
The original 2020 CLO had $212.5 million of class A floating-rate notes at Libor plus 185 bps, $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.
The reinvestment period end July 20, 2026.
The CLO will still be managed by Jocassee Partners LLC, a joint venture formed in 2019 between South Carolina Retirement Systems Group Trust and Barings BDC Inc.
The non-call period was also extended. It will now end July 20, 2023.
Citigroup Global Markets Inc. is the initial purchaser.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuers: | Broad River BSL Funding CLO Ltd. 2020-I/Broad River BSL Funding CLO Ltd. 2020-I LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $355.58 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Jocassee Partners LLC
|
| Call feature: | July 20, 2023
|
| Settlement date: | June 15
|
|
|
| Class A-R notes
|
| Amount: | $221.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $50.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $21.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $20.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $11.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $29.775 million
|
| Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
