Chicago, Jan. 10 – Barings LLC refinanced and extended for $507.1 million the collateralized loan obligation issued by Barings Middle Market CLO 2017-I LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2034.
The refinanced CLO consists of $4 million of class X-R senior secured floating-rate notes at Libor plus 125 basis points, $280 million of class A-1-R senior secured floating-rate notes at Libor plus 150 bps, $57.5 million of class A-2-R senior secured floating-rate notes at Libor plus 190 bps, $45 million of class B-R senior secured deferrable floating-rate notes at Libor plus 260 bps, $22.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 380 bps, $33.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 866 bps and $64.6 million of subordinated notes.
The CLO initially sold $280.9 million of class A-1 senior secured floating-rate notes at Libor plus 158 bps.
The deal also originally included $55.3 million of class A-2 senior secured floating-rate notes, $37.2 million of class B secured deferrable floating-rate notes, $35.1 million of class C secured deferrable mezzanine floating-rate notes, $30.1 million of class D secured deferrable mezzanine floating-rate notes and $64.6 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2026.
The collateral will be middle-market speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2024.
Natixis Securities Americas LLC was the placement agent.
Charlotte, N.C.-based Barings is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings Middle Market CLO 2017-I LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $507.1 million
|
| Maturity: | Jan. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Barings LLC
|
| Call feature: | Jan. 20, 2024
|
| Settlement date: | Nov. 30
|
|
|
| Class X-R notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $280 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A-
|
|
|
| Class C-R notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $33.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 866 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $64.6 million
|
| Securities: | Subordinated notes
|
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