Chicago, Dec. 8 – Barings LLC sold $415 million in a collateralized loan obligation issued by Barings CLO Ltd. 2022-II, according to multiple press releases.
The notes will mature on July 15, 2035.
The CLO consists of $256 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $33 million of class B-1 senior secured floating-rate notes at SOFR plus 250 bps, $13 million of class B-2 5.49% senior secured fixed-rate notes, $23 million of class C senior secured floating-rate notes at SOFR plus 315 bps, $25 million of class D senior secured floating-rate notes at SOFR plus 425 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 784 bps and $50 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting July 15, 2024.
Citibank, NA was the placement agent.
Charlotte, N.C.-based Barings is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings CLO Ltd. 2022-II
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $415 million
|
| Maturity: | July 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citibank, NA
|
| Manager: | Barings LLC
|
| Call feature: | July 15, 2024
|
| Settlement date: | Aug. 2, 2022
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $33 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $13 million
|
| Securities: | Senior Secured fixed-rate notes
|
| Coupon: | 5.49%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 784 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $50 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.
