Chicago, Aug. 29 – Barings LLC sold $498.6 million in a collateralized loan obligation being issued by Barings CLO Ltd. 2022-III/Barings CLO 2022-III, LLC, according to a presale report and a press release.
The notes will mature on October 2035.
The CLO consists of $307.5 million of class A-1 senior secured floating-rate notes at SOFR plus 190 basis points, $17.5 million of class A-2 senior secured floating-rate notes at SOFR plus 240 bps, $55 million of class B senior secured floating-rate notes at SOFR plus 280 bps, $27.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 375 bps, $32.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 520 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 840 bps and $43.6 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period in October 2027.
Collateral for the notes consists of non-investment-grade broadly syndicated loans.
The notes can be called starting October 2024.
BofA Securities, Inc. is the placement agent.
Charlotte, N.C.-based Barings is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings CLO Ltd. 2022-III/Barings CLO 2022-III, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $498.6 million
|
| Maturity: | October 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Barings LLC
|
| Call feature: | October 2024
|
| Settlement date: | Oct. 13
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 520 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 840 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.6 million
|
| Securities: | Subordinated notes
|
|
|
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