By Cristal Cody
Tupelo, Miss., Oct. 29 – Barings LLC priced $349.1 million of notes due Oct. 15, 2033 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Barings CLO Ltd. 2020-II/Barings CLO Ltd. 2020-II LLC sold $210 million of class A-1 floating-rate notes at Libor plus 129 basis points, $7 million of 1.88% class A-2 fixed-rate notes, $26.5 million of class B-1 floating-rate notes at Libor plus 165 bps and $22.5 million of 2.07% class B-2 fixed-rate notes.
The CLO also priced $21 million of class C deferrable floating-rate notes at Libor plus 260 bps, $19.25 million of class D deferrable floating-rate notes at Libor plus 393 bps, $5.25 million of class E-1 deferrable floating-rate note at Libor plus 692 bps, $7 million of class E-2 deferrable floating-rate note at Libor plus 790 bps and $30.6 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings CLO Ltd. 2020-II/Barings CLO Ltd. 2020-II LLC
|
| Amount: | $349.1 million
|
| Maturity: | Oct. 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Barings LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 29
|
| Settlement date: | Nov. 10
|
|
|
| Class A-1 notes
|
| Amount: | $210 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 129 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.88%
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $26.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $22.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.07%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $19.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 393 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E-1 notes
|
| Amount: | $5.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 692 bps
|
| Ratings: | S&P: BB+
|
|
|
| Class E-2 notes
|
| Amount: | $7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 790 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $30.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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