Chicago, March 30 – Barings LLC sold $402 million in a collateralized loan obligation being issued by Barings CLO Ltd. 2023-I, according to a new issue report.
The notes will mature on April 20, 2036.
The CLO consists of $253 million of class A floating-rate notes at SOFR plus 175 basis points, $48 million of class B floating-rate notes at SOFR plus 230 bps, $21 million of class C floating-rate notes at SOFR plus 310 bps, $25 million of class D floating-rate notes at SOFR plus 520 bps, $15 million of class E floating-rate notes at SOFR plus 800 bps and $40 million of subordinated notes.
Barings LLC will manage the collateral through the end of the 5.1-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings CLO Ltd. 2023-I
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $402 million
|
| Maturity: | April 20, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | Barings LLC
|
| Settlement date: | March 15
|
|
|
| Class A notes
|
| Amount: | $253 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 520 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
|
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