Chicago, May 24 – Barings LLC refinanced three classes of notes from the Barings CLO Ltd. 2019-III/Barings CLO Ltd. 2019-III LLC portfolio, according to a notice.
The $273.8 million of refinancing notes, due April 21, 2031, are the $231 million of class A-1-R senior secured floating-rate notes at Libor plus 107 basis points, $25 million of class A-2-R senior secured floating-rate notes at Libor plus 130 bps and $17.8 million of class E-R senior secured floating-rate notes at Libor plus 670 bps.
Two other classes of secured notes and subordinated notes will remain outstanding.
Barings will continue to manage the collateral, mostly a portfolio of broadly syndicated senior secured corporate loans.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuers: | Barings CLO Ltd. 2019-III/Barings CLO Ltd. 2019-III LLC
|
| Issue: | Floating-rate notes
|
| Amount: | $273.8 million
|
| Maturity: | April 21, 2031
|
| Structure: | Cash flow CLO
|
| Manager: | Barings LLC
|
| Announcement date: | May 20
|
|
|
| Class A-1-R notes
|
| Amount: | $231 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2-R notes
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| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class E-R notes
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| Amount: | $17.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | Moody's: Ba3
|
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