By Cristal Cody
Tupelo, Miss., Nov. 21 – Barings LLC priced $405.1 million of notes due Jan. 15, 2033 in a new collateralized loan obligation deal, according to market sources.
Barings CLO Ltd. 2019-IV/Barings CLO Ltd. 2019-IV LLC sold $230 million of class A-1 floating-rate notes at Libor plus 133 basis points and $26 million of 3.02% class A-2 fixed-rate notes.
The CLO sold $36.5 million of class B-1 floating-rate notes at Libor plus 180 bps and $10.7 million of 3.54% class B-2 fixed-rate notes.
Lower down the stack, the CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 280 bps, $24 million of class D deferrable floating-rate notes at Libor plus 440 bps, $16.8 million of class E deferrable floating-rate notes at Libor plus 739 bps and $37.1 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
Barings has priced four broadly syndicated CLOs year to date.
In 2018, Barings also priced four new CLOs.
The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings CLO Ltd. 2019-IV/Barings CLO Ltd. 2019-IV LLC
|
| Amount: | $405.1 million
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Barings LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 13
|
| Settlement date: | Dec. 19
|
|
|
| Class A-1 notes
|
| Amount: | $230 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $26 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.02%
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B-1 notes
|
| Amount: | $36.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10.7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.54%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 739 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Equity
|
| Amount: | $37.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
