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
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Issue: | Floating-rate notes, floating-rate loans and subordinated notes
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Amount: | $460.4 million
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Maturity: | Jan. 20, 2036
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Structure: | Cash flow CLO
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Placement agent: | Natixis Securities Americas LLC
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Manager: | Barings LLC
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Call feature: | Jan. 20, 2026
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Pricing date: | Dec. 1
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Settlement date: | Dec. 12
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Class X notes
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Amount: | $4.65 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 205 bps
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Rating: | S&P: AAA
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|
Class A-1 notes
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Amount: | $235.4 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 245 bps
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Rating: | S&P: AAA
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Class A-1L loans
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Amount: | $25 million
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Securities: | Senior secured floating-rate loans
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Coupon: | SOFR plus 245 bps
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $53.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 325 bps
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Rating: | S&P: AA
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Class B notes
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Amount: | $41.8 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 430 bps
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Rating: | S&P: A
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Class C notes
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Amount: | $21 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 640 bps
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Rating: | S&P: BBB-
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Class D notes
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Amount: | $32.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 862 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $46.55 million
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Securities: | Subordinated notes
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