Chicago, Aug. 31 – Barings LLC sold $385.1 million in a collateralized loan obligation issued by Barings Loan Partners CLO Ltd. 3, according to a new issue report and a press release.
The notes will mature on July 20, 2033.
The CLO consists of $177 million of class A senior secured floating-rate notes at SOFR plus 212 basis points, $75 million of class A floating-rate loans at SOFR plus 212 bps, $52 million of class B senior secured floating-rate notes at SOFR plus 305 bps, $26.3 million of class C 4.5% secured deferrable mezzanine fixed-rate notes, $25 million of class D 5.5% secured deferrable mezzanine fixed-rate notes, $13.3 million of class E 8.5% secured deferrable mezzanine fixed-rate notes, $500,000 of class F 10.% secured deferrable mezzanine fixed-rate notes and $16 million of subordinated notes.
Barings LLC will manage the collateral through the end of the 2.9-year reinvestment period.
Collateral for the notes consists of senior secured leveraged loans.
Charlotte, N.C.-based Barings is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings Loan Partners CLO Ltd. 3
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $385.1 million
|
| Maturity: | July 20, 2033
|
| Structure: | Cash flow CLO
|
| Manager: | Barings LLC
|
| Settlement date: | Aug. 25
|
|
|
| Class A notes
|
| Amount: | $177 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 212 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A loan
|
| Amount: | $75 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 212 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $26.3 million
|
| Securities: | Secured deferrable mezzanine fixed-rate notes
|
| Coupon: | 4.5%
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Secured deferrable mezzanine fixed-rate notes
|
| Coupon: | 5.5%
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $13.3 million
|
| Securities: | Secured deferrable mezzanine fixed-rate notes
|
| Coupon: | 8.5%
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $500,000
|
| Securities: | Secured deferrable mezzanine fixed-rate notes
|
| Coupon: | 10%
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $16 million
|
| Securities: | Subordinated notes
|
|
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