Chicago, Aug. 27 – Barings LLC sold $400.16 million in a middle-market collateralized loan obligation being issued by Barings Middle Market CLO Ltd. 2021-I/Barings Middle Market CLO 2021-I LLC, according to a pre-sale report.
The notes will mature on July 20, 2033.
The CLO consists of $4 million of class X senior secured floating-rate notes at Libor plus 125 basis points, $188 million of class A-1 senior secured floating-rate notes at Libor plus 155 bps, $30 million of class A-1L senior secured floating-rate notes at Libor plus 155 bps, $6 million of class A-1F 2.52% senior secured fixed-rate notes, $46 million of class A-2 senior secured floating-rate notes at Libor plus 190 bps, $36 million of class B senior secured deferrable floating-rate notes at Libor plus 290 bps, $18 million of class C senior secured deferrable floating-rate notes at Libor plus 390 bps, $26 million of class D senior secured deferrable floating-rate notes at Libor plus 865 bps and $46.16 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period on July 20, 2025.
The notes can be called starting July 20, 2023.
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 Ltd. 2021-I/Barings Middle Market CLO 2021-I LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $400.16 million
|
| Maturity: | July 20, 2033
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Barings LLC
|
| Call feature: | July 20, 2023
|
| Settlement date: | Aug. 5
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $188 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.52%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 865 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $46.16 million
|
| Securities: | Subordinated notes
|
|
|
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