Chicago, April 14 – Barings LLC priced a new $359.15 million collateralized loan obligation transaction with Barings CLO 2021-I Ltd./Barings CLO 2021-I LLC listed as co-issuers, according to a pre-sale report.
The maturity date is April 25, 2034.
The CLO has $218.75 million of class A senior secured floating-rate notes at Libor plus 102 basis points, $47.25 million of class B senior secured floating-rate notes at Libor plus 140 bps, $21 million of class C senior secured deferrable floating-rate notes at Libor plus 180 bps, $21 million of class D senior secured deferrable floating-rate notes at Libor plus 290 bps, $12.25 million of class E senior secured deferrable floating-rate notes at Libor plus 630 bps and $38.9 million subordinated notes.
J.P. Morgan Securities LLC is the placement agent.
Barings will manage the collateral through the end of the reinvestment period on April 25, 2026.
There are two years of call protection.
Collateral for the notes comes mostly from senior secured loans, cash and eligible investments with the great majority of the borrowers based either in the United States or Canada.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuers: | Barings CLO 2021-I Ltd./Barings CLO 2021-I LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $359.15 million
|
| Maturity: | April 25, 2026
|
| Agent: | J.P. Morgan Securities LLC
|
| Manager: | Barings LLC
|
| Call: | April 15, 2023
|
| Announcement date: | April 8
|
| Settlement date: | April 15
|
|
|
| Class A notes
|
| Amount: | $218.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $47.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.9 million
|
| Securities: | Subordinated notes
|
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