Chicago, Feb. 11 – Barings (U.K.) Ltd. sold €407.45 million in a collateralized loan obligation issued by Barings Euro CLO 2021-3 DAC, according to a listing particulars document.
The notes will mature on July 27, 2034.
The CLO consists of €248 million of class A senior secured floating-rate notes at Euribor plus 96 basis points, €24.5 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €15 million of class B-2 2.1% senior secured fixed-rate notes, €24.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 220 bps, €28.25 million of class D senior secured deferrable floating-rate notes at Euribor plus 360 bps, €20.95 million of class E senior secured deferrable floating-rate notes at Euribor plus 657 bps, €11.6 million of class F senior secured deferrable floating-rate notes at Euribor plus 932 bps and €34.65 million of subordinated notes.
Barings (U.K.) Ltd. will manage the collateral through the end of the reinvestment period on July 27, 2026.
The assets backing the notes including senior secured obligations, senior secured notes, unsecured senior obligations, second-lien loans, mezzanine obligations and high-yield bonds.
The notes can be called starting July 12, 2023.
Jefferies International Ltd. was the placement agent.
Barings is a London-based credit fund management firm.
| Issuer: | Barings Euro CLO 2021-3 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €407.45 million
|
| Maturity: | July 27, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies International Ltd.
|
| Manager: | Barings (U.K.) Ltd.
|
| Call feature: | July 12, 2023
|
| Settlement date: | Jan. 11
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €28.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20.95 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 657 bps
|
| Price: | 97
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 932 bps
|
| Price: | 97.5
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €34.65 million
|
| Price: | 94.5
|
| Securities: | Subordinated notes
|
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