By Cristal Cody
Tupelo, Miss., March 18 – Barings LLC sold $505.95 million of notes due April 15, 2031 in the manager’s first new issue collateralized loan obligation offering of the year, according to a market source.
Barings CLO Ltd. 2019-I/Barings CLO Ltd. 2019-I LLC priced $2.5 million of class X senior secured floating-rate notes at par to yield Libor plus 75 basis points; $294 million of class A-1 senior secured floating-rate notes at par to yield Libor plus 132 bps, $27.5 million of class A-2 senior secured floating-rate notes at par to yield Libor plus 165 bps and $49 million of class B senior secured floating-rate notes at par to yield Libor plus 185 bps.
The CLO sold $36.5 million of class C secured deferrable floating-rate notes at par to yield Libor plus 275 bps, $29.5 million of class D secured deferrable floating-rate notes at par to yield Libor plus 385 bps, $21.75 million of class E secured deferrable floating-rate notes at 97 with a coupon of Libor plus 668 bps to yield Libor plus 715 bps and $45.2 million of subordinated notes.
Barclays was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The issue is backed mainly by broadly syndicated senior secured loans.
In 2018, Barings priced four new CLOs.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings CLO Ltd. 2019-I/Barings CLO Ltd. 2019-I LLC
|
| Amount: | $505.95 million
|
| Maturity: | April 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Barings LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 12
|
| Settlement date: | March 28
|
|
|
| Class X notes
|
| Amount: | $2.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Non-rated
|
| S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $294 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Non-rated
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Non-rated
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | $29.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Non-rated
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $21.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 668 bps
|
| Price: | 97
|
| Yield: | Libor plus 715 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: Non-rated
|
|
|
| Equity
|
| Amount: | $45.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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