Chicago, Dec. 6 – Barings LLC priced $460.4 million of notes and loans in a collateralized loan obligation being issued by Barings Middle Market CLO 2023-I Ltd./Barings Middle Market CLO 2023-I LLC, according to a presale report.
The CLO will mature on Jan. 20, 2036.
The transaction consists of $4.65 million of class X senior secured floating-rate notes at SOFR plus 205 basis points, $235.4 million of class A-1 senior secured floating-rate notes at SOFR plus 245 bps, $25 million of class A-1L senior secured floating-rate loans at SOFR plus 245 bps, $53.5 million of class A-2 senior secured floating-rate notes at SOFR plus 325 bps, $41.8 million of class B senior secured deferrable floating-rate notes at SOFR plus 430 bps, $21 million of class C senior secured deferrable floating-rate notes at SOFR plus 640 bps, $32.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 862 bps and $46.55 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2028.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2026.
Natixis Securities Americas LLC was the placement agent.
Charlotte, N.C.-based Barings is a subsidiary of Massachusetts Mutual Life Insurance Co.
| Issuer: | Barings Middle Market CLO 2023-I Ltd./Barings Middle Market CLO 2023-I LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $460.4 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Barings LLC
|
| Call feature: | Jan. 20, 2026
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 12
|
|
|
| Class X notes
|
| Amount: | $4.65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $235.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L loans
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $53.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $41.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 430 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 640 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 862 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $46.55 million
|
| Securities: | Subordinated notes
|
|
|
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