Chicago, Aug. 10 – Barings Private Credit Corp. priced $496.5 million of notes and loans in a collateralized loan obligation being issued by Barings Private Credit Corp. CLO 2023-1 Ltd./Barings Private Credit CLO 2023-1 LLC, according to a presale report.
The notes will mature on July 15, 2031.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes at SOFR plus 240 basis points, $35 million of class A-2 senior secured floating-rate notes at SOFR plus 335 bps, $20 million of class A-2L senior secured floating-rate loans at SOFR plus 335 bps, $25 million of class B senior secured deferrable floating-rate notes at SOFR plus 410 bps, $22.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 635 bps and $94 million of subordinated notes.
Barings Private Credit Corp. will manage the collateral. The CLO is static. There is no reinvestment period.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting July 15, 2024.
BNP Paribas Securities Corp. was the placement agent.
The investment management firm is based in Charlotte, N.C.
| Issuer: | Barings Private Credit Corp. CLO 2023-1 Ltd./Barings Private Credit CLO 2023-1 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $496.5 million
|
| Maturity: | July 15, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Barings Private Credit Corp.
|
| Call feature: | July 15, 2024
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 23
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $35 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2L loans
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| Amount: | $20 million
|
| Securities: | Senior secured floating-rate loans
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| Coupon: | SOFR plus 335 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
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| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 410 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 635 bps
|
| Rating: | S&P: BBB
|
|
|
| Subordinated notes
|
| Amount: | $94 million
|
| Securities: | Subordinated notes
|
|
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