Chicago, Oct. 28 – Barings LLC priced $401.25 million of notes due Oct. 15, 2031 in the Barings Middle Market CLO Ltd. 2019-I transaction, according to a market source.
The CLO sold $68.5 million of class A-1A floating-rate notes at Libor plus 175 basis points and $4.75 million of class A-1B floating-rate notes at Libor plus 140 bps with a Libor floor of 200 bps.
The deal also included $150.75 million of a class A-1L floating-rate loan at Libor plus 175 bps and $44 million of class A-2 floating-rate notes at Libor plus 270 bps.
The portfolio will also include $36 million of class B deferrable floating-rate notes at Libor plus 370 bps, $20 million of class C deferrable floating-rate notes at Libor plus 490 bps and $28 million of class D deferrable floating-rate notes at Libor plus 850 bps.
There are also $49.25 million of subordinated notes in the portfolio.
BofA Securities Inc. is the original purchaser.
Barings, formerly known as Babson Capital Management LLC, will manage the CLO.
The deal is backed primary by middle-market speculative-grade senior secured term loans.
Charlotte, N.C.-based Barings is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings Middle Market CLO Ltd. 2019-I
|
| Amount: | $401.25 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Floating-rate notes, loan debt and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Barings LLC
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 5
|
|
|
| Class A-1A notes
|
| Amount: | $68.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $4.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps with a Libor floor of 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L loan
|
| Amount: | $150.75 million
|
| Securities: | Loan debt
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | S&P: A-
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $49.25 million
|
| Securities: | Subordinated notes
|
| Rating: | S&P: Not rated
|
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