By Cristal Cody
Tupelo, Miss., Sept. 29 – Barings (UK) Ltd. priced €452.8 million of notes due April 21, 2033 in the new Barings Euro CLO 2020-1 DAC collateralized loan obligation transaction, according to market sources.
The CLO sold €279 million of class A senior secured floating-rate notes at Euribor plus 110 basis points, €26.75 million of class B-1 senior secured floating-rate notes at Euribor plus 170 bps and €16 million of 2.05% class B-2 senior secured fixed-rate notes.
The CLO priced €18,125,000 of class C-1 senior secured deferrable floating-rate notes at Euribor plus 275 bps and €10 million of 2.9% class C-2 senior secured deferrable fixed-rate notes.
Also, Barings Euro CLO sold €30,375,000 of class D senior secured deferrable floating-rate notes at Euribor plus 435 bps; €24.75 million of class E senior secured deferrable floating-rate notes at Euribor plus 690 bps; €9 million of class F senior secured deferrable floating-rate notes at Euribor plus 798 bps and €38.8 million of subordinated notes.
Natixis, London Branch was the placement agent.
The CLO has a three-year reinvestment period and is backed primarily by euro-denominated senior secured loans and bonds.
Barings is a London-based credit fund management firm.
| Issuer: | Barings Euro CLO 2020-1 DAC
|
| Amount: | €452.8 million
|
| Maturity: | April 21, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis, London Branch
|
| Manager: | Barings (UK) Ltd.
|
| Settlement date: | Nov. 5
|
|
|
| Class A notes
|
| Amount: | €279 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 110 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €26.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €16 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Ratings: | Moody’s: Aaa
|
| S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | €18,125,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.9%
|
| Ratings: | Moody’s: Aa2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €30,375,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 435 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €24.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 690 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 798 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B
|
|
|
| Equity
|
| Amount: | €38.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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