Chicago, Sept. 13 – Barings LLC priced $508.5 million of notes in a collateralized loan obligation being issued by Barings CLO Ltd. 2023-III/Barings CLO 2023-III LLC, according to a presale report.
The notes will mature on Oct. 15, 2036.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 170 basis points, $60 million of class B senior secured floating-rate notes at SOFR plus 230 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 280 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 450 bps, $17.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 733 bps and $51 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 27, 2025.
Morgan Stanley & Co. LLC was the placement agent.
The investment management firm is based in Charlotte, N.C.
| Issuer: | Barings CLO Ltd. 2023-III/Barings CLO 2023-III LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.5 million
|
| Maturity: | Oct. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Barings LLC
|
| Call feature: | Sept. 27, 2025
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 27
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 733 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $51 million
|
| Securities: | Subordinated notes
|
|
|
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