Chicago, Jan. 11 – Barings LLC sold $508.8 million in a collateralized loan obligation being issued by Barings CLO Ltd. 2023-IV/Barings CLO 2023-IV LLC, according to a presale report.
The notes will mature on Jan. 20, 2037.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 175 basis points, $57.5 million of class B senior secured floating-rate notes at SOFR plus 240 bps, $32.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 290 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 450 bps, $17.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 759 bps and $51.3 million of subordinated notes.
Barings LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2026.
Morgan Stanley & Co. LLC was the placement agent.
The investment management firm is based in Charlotte, N.C.
| Issuer: | Barings CLO Ltd. 2023-IV/Barings CLO 2023-IV LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.8 million
|
| Maturity: | Jan. 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Barings LLC
|
| Call feature: | Jan. 20, 2026
|
| Pricing date: | Jan. 10
|
| Settlement date: | Jan. 17
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 759 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $51.3 million
|
| Securities: | Subordinated notes
|
|
|
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