Chicago, March 3 – Barings LLC refinanced for $365.2 million the collateralized loan obligation issued by Barings CLO Ltd. 2016-II/Barings CLO 2016-II, LLC, according to supplemental indenture and a press release.
The notes will mature on January 2032.
The CLO now consists of $4 million of class X-R2 senior secured floating-rate notes at Libor plus 75 basis points, $224 million of class A-R2 senior secured floating-rate notes at Libor plus 107 bps, $38.5 million of class B-R2 senior secured floating-rate notes at Libor plus 163 bps, $17.15 million of class C-R2 secured deferrable mezzanine floating-rate notes at Libor plus 200 bps, $22.4 million of class D-R2 secured deferrable mezzanine floating-rate notes at Libor plus 315 bps, $18.2 million of class E-R2 secured deferrable mezzanine floating-rate notes at Libor plus 650 bps and $40.95 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period in January 2024.
Collateral for the notes consists of a portfolio of syndicated senior secured corporate loans.
The notes can be called starting January 2023.
Morgan Stanley & Co. LLC was the placement agent.
The collateral manager is based in Charlotte, N.C.
| Issuer: | Barings CLO Ltd. 2016-II/Barings CLO 2016-II, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $365.2 million
|
| Maturity: | January 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Barings LLC
|
| Call feature: | January 2023
|
| Settlement date: | Dec. 29, 2021
|
|
|
| Class X-R2 notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R2 notes
|
| Amount: | $224 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R2 notes
|
| Amount: | $38.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 163 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R2 notes
|
| Amount: | $17.15 million
|
| Securities: | Secured deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R2 notes
|
| Amount: | $22.4 million
|
| Securities: | Secured deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R2 notes
|
| Amount: | $18.2 million
|
| Securities: | Secured deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $40.95 million
|
| Securities: | Subordinated notes
|
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