Barings offers $505.7 million notes in new Barings CLO 2019-I deal

By Cristal Cody

Tupelo, Miss., Feb. 6 – Barings LLC plans to price $505.7 million of notes due April 15, 2031 in the manager’s first collateralized loan obligation offering of the year, according to a market source.

The Barings CLO Ltd. 2019-I/Barings CLO Ltd. 2019-I LLC deal includes $2.5 million of class X floating-rate notes (AAA); $294 million of class A-1 floating-rate notes (AAA); $27.5 million of class A-2 floating-rate notes (/non-rated/); $49 million of class B floating-rate notes at Libor plus 185 bps; $36.5 million of class C deferrable floating-rate notes (A); $29.25 million of class D deferrable floating-rate notes (BBB-); $21.75 million of class E deferrable floating-rate notes (/non-rated/) and $45.2 million of subordinated notes.

Barclays is the placement agent.

The CLO has a two-year non-call period and a five-year reinvestment period.

The issue is backed mainly by broadly syndicated senior secured loans.

The offering is expected to settle on March 28.

In 2018, Barings priced four new CLOs.

The Charlotte, N.C.-based CLO manager is a subsidiary of Massachusetts Mutual Life Insurance Co.

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