Chicago, Dec. 6 – Barings LLC priced $401.75 million of notes in a collateralized loan obligation being issued by Barings Middle Market CLO 2023-II Ltd./Barings Middle Market CLO 2023-II LLC, according to a presale report.
The notes will mature on Jan. 20, 2032.
The CLO consists of $243 million of class A-1 floating-rate notes at SOFR plus 215 basis points, $32.35 million of class A-2 floating-rate notes at SOFR plus 320 bps, $32.45 million of class B floating-rate notes at SOFR plus 415 bps, $24.25 million of class C floating-rate notes at SOFR plus 625 bps, $24.35 million of class D floating-rate notes at SOFR plus 867 bps, $8.5 million of class E floating-rate notes at SOFR plus 1,043 bps and $36.85 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period on Feb. 20, 2024.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting Dec. 12, 2024.
Wells Fargo Securities LLC was the placement agent.
Charlotte, N.C.-based Barings is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings Middle Market CLO 2023-II Ltd./Barings Middle Market CLO 2023-II LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $401.75 million
|
| Maturity: | Jan. 20, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Barings LLC
|
| Call feature: | Dec. 12, 2024
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 12
|
|
|
| Class A-1 notes
|
| Amount: | $243 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $32.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $32.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 625 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $24.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 867 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E notes
|
| Amount: | $8.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 1,043 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $36.85 million
|
| Securities: | Subordinated notes
|
|
|
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