By Cady Vishniac
Detroit, Jan. 15 – Barings LLC priced $360.5 million of notes due Jan. 20, 2032 in a new broadly syndicated collateralized loan obligation deal, according to market sources.
Barings CLO Ltd. 2020-IV/Barings CLO Ltd. 2020-IV LLC sold $3.5 million of class X floating-rate notes at Libor plus 75 basis points, $224 million of class A floating-rate notes at Libor plus 122 bps, $42 million of class B floating rate notes at Libor plus 155 bps, $21 million of class C deferrable floating rate notes at Libor plus 215 bps, $19.25 million of class D-1 deferrable floating rate notes at Libor plus 370 bps, $3.5 million of class D-2 deferrable floating rate notes at Libor plus 550 bps, $12.5 million of class E deferrable floating-rate notes at Libor plus 568 bps and $35 million of subordinated notes.
This is Barings’ first U.S. CLO in 2021, bringing its U.S. CLO assets under management to approximately $8.84 billion.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by speculative-grade senior secured term loans.
This is Barings’ first U.S. CLO in 2021, bringing its U.S. CLO assets under management to approximately $8.84 billion.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings CLO Ltd. 2020-IV/Barings CLO Ltd. 2020-IV LLC
|
| Amount: | $360.5 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Barings LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 8
|
|
|
| Class X notes
|
| Amount: | $3.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $224 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $19.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $3.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 568 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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