Chicago, Feb. 5 – Barings LLC sold $408 million in a collateralized loan obligation being issued by Barings CLO Ltd. 2024-I/Barings CLO 2024-I LLC, according to a presale report.
The notes will mature on Jan. 20, 2037.
The CLO consists of $256 million of class A senior secured floating-rate notes at SOFR plus 163 basis points, $48 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 245 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 400 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 695 bps and $42 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2029.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting Jan. 20, 2026.
Morgan Stanley & Co. LLC was the placement agent.
The investment management firm is based in Charlotte, N.C.
| Issuer: | Barings CLO Ltd. 2024-I/Barings CLO 2024-I LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $408 million
|
| Maturity: | Jan. 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Barings LLC
|
| Call feature: | Jan. 20, 2026
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 20, 2024
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 163 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 695 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42 million
|
| Securities: | Subordinated notes
|
|
|
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