Chicago, May 3 – Barings LLC refinanced $469.3 million from the Barings CLO Ltd. 2019-I/Barings CLO Ltd. 2019-I LLC collateralized loan obligation transaction due April 16, 2035, according to a notice.
The refinancing notes include the $315 million of class A-R senior secured floating-rate notes at Libor plus 113 basis points, $65 million of class B-R senior secured floating-rate notes at Libor plus 175 bps, $30 million of class C-R secured deferrable floating-rate notes at Libor plus 230 bps, $30 million of class D-R secured deferrable floating-rate notes at Libor plus 365 bps and $18.5 million of class E-R secured deferrable floating-rate notes at Libor plus 686 bps.
There are also $7.8 million of additional subordinated notes and $3 million of additional income notes.
Originally, the CLO sold $2.5 million of class X senior secured floating-rate notes at par to yield Libor plus 75 bps; $294 million of class A-1 senior secured floating-rate notes at par to yield Libor plus 132 bps, $27.5 million of class A-2 senior secured floating-rate notes at par to yield Libor plus 165 bps and $49 million of class B senior secured floating-rate notes at par to yield Libor plus 185 bps.
The CLO also sold $36.5 million of class C secured deferrable floating-rate notes at par to yield Libor plus 275 bps, $29.5 million of class D secured deferrable floating-rate notes at par to yield Libor plus 385 bps, $21.75 million of class E secured deferrable floating-rate notes at 97 with a coupon of Libor plus 668 bps to yield Libor plus 715 bps and $45.2 million of subordinated notes.
Barings will continue to manage the collateral through the five-year reinvestment period.
The non-call period has been extended.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
Issuers: | Barings CLO Ltd. 2019-I/Barings CLO Ltd. 2019-I LLC
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Issue: | Floating-rate notes
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Structure: | Cash flow CLO
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Amount: | $469.3 million
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Maturity: | April 16, 2035
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Agent: | Barclays
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Manager: | Barings LLC
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Call: | April 15, 2023
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Settlement date: | April 22
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|
Class A-R notes
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Amount: | $315 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 113 bps
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Ratings: | Moody's: Aaa
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| S&P: AAA
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|
Class B-R notes
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Amount: | $65 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Ratings: | S&P: AA
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|
Class C-R notes
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Amount: | $30 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 230 bps
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Ratings: | S&P: A
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|
Class D-R notes
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Amount: | $30 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 365 bps
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Ratings: | S&P: BBB-
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Class E-R notes
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Amount: | $18.5 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 686 bps
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Ratings: | S&P: BB-
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|
Subordinated notes
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Amount: | $7.8 million
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Securities: | Subordinated notes
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Income notes
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Amount: | $3 million
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Securities: | Income notes |
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