Chicago, May 14 – Barings (UK) Ltd. priced a new €408.4 million collateralized loan obligation being issued by Barings Euro CLO 2021-1 DAC, according to a notice.
The portfolio has an April 24, 2034 maturity date.
The transaction includes €198 million of class A senior secured floating-rate notes at Euribor plus 80 basis points, €50 million of a class A senior secured floating-rate loan at Euribor plus 80 bps, €40 million of class B senior secured deferrable floating-rate notes at Euribor plus 135 bps, €28 million of class C senior secured deferrable floating-rate notes at Euribor plus 230 bps, €25 million of class D senior secured deferrable floating-rate notes at Euribor plus 375 bps, €23 million of class E senior secured deferrable floating-rate notes at Euribor plus 705 bps and €8 million of class F senior secured deferrable floating-rate notes at Euribor plus 896 bps.
There are also €36.4 million of subordinated notes.
Barclays is the arranger.
Barings is managing the collateral during the reinvestment period. Collateral mostly comes from senior secured obligations. The portfolio should be 95% ramped by closing.
Barings is a London-based credit fund management firm.
| Issuer: | Barings Euro CLO 2021-1 DAC
|
| Issue: | Floating-rate notes, floating-rate loan and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | €408.4 million
|
| Maturity: | April 24, 2034
|
| Agent: | Barclays
|
| Manager: | Barings (UK) Ltd.
|
| Settlement date: | May 12
|
|
|
| Class A notes
|
| Amount: | €198 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A loan
|
| Amount: | €50 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | €40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 375 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 705 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | €8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 896 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €36.4 million
|
| Securities: | Subordinated notes
|
|
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