8-K
filed August 29, 2023, 7:59 PM ET
CIK 0001859919
debt
confidence high
sentiment neutral
materiality 0.65
Barings Private Credit Corp: debt financing — Barings Private Credit closes $496.5M CLO securitization of middle-market loans
Barings Private Credit Corp
- $496.5M total: $300M Class A-1 notes at SOFR+2.40%, $35M Class A-2 at SOFR+3.35%.
- Additional $25M Class B (SOFR+4.15%), $22.5M Class C (SOFR+6.35%), $20M Class A-2 loans (SOFR+3.35%).
- Issued $94M subordinated notes (no interest); Barings retains all subordinated notes.
- Proceeds used to purchase middle-market commercial loans and reduce BPC Funding's revolving credit facility.
- CLO matures July 2031; redeemable after July 2024; Barings waives all collateral management fees.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Barings Private Credit Corp incurred senior notes of $300,000,000 with BNP Paribas Securities Corp. at three-month secured overnight financing rate published by the Federal Reserve Ba maturing 2031.
- Instrument
- senior notes
- Principal
- $300,000,000
- Counterparty
- BNP Paribas Securities Corp.
- Rate
- three-month secured overnight financing rate published by the Federal Reserve Ba
- Maturity
- 2031
- Event
- incurrence
Exact text from the filing
The notes and loans offered in the 2023 Debt Securitization consist of $300,000,000 of AAA(sf) Class A Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month secured overnight financing rate published by the Federal Reserve Bank of New York ("SOFR") plus 2.40%
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Barings Private Credit Corp incurred senior notes of $25,000,000 with BNP Paribas Securities Corp. at three-month SOFR plus 4.15% maturing 2031.
- Instrument
- senior notes
- Principal
- $25,000,000
- Counterparty
- BNP Paribas Securities Corp.
- Rate
- three-month SOFR plus 4.15%
- Maturity
- 2031
- Event
- incurrence
Exact text from the filing
$25,000,000 of A(sf) Class B Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.15%
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Barings Private Credit Corp incurred term loan of $20,000,000 with State Street Bank and Trust Company at three-month SOFR plus 3.35% maturing 2031.
- Instrument
- term loan
- Principal
- $20,000,000
- Counterparty
- State Street Bank and Trust Company
- Rate
- three-month SOFR plus 3.35%
- Maturity
- 2031
- Event
- incurrence
Exact text from the filing
$20,000,000 of AA(sf) Class A Senior Secured Floating Rate Loans maturing 2031, which bear interest at the three-month SOFR plus 3.35%
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Barings Private Credit Corp incurred senior notes of $22,500,000 with BNP Paribas Securities Corp. at three-month SOFR plus 6.35% maturing 2031.
- Instrument
- senior notes
- Principal
- $22,500,000
- Counterparty
- BNP Paribas Securities Corp.
- Rate
- three-month SOFR plus 6.35%
- Maturity
- 2031
- Event
- incurrence
Exact text from the filing
$22,500,000 of BBB(sf) Class C Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 6.35%
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Barings Private Credit Corp incurred senior notes of $35,000,000 with BNP Paribas Securities Corp. at three-month SOFR plus 3.35% maturing 2031.
- Instrument
- senior notes
- Principal
- $35,000,000
- Counterparty
- BNP Paribas Securities Corp.
- Rate
- three-month SOFR plus 3.35%
- Maturity
- 2031
- Event
- incurrence
Exact text from the filing
$35,000,000 of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 3.35%
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.8
Barings Private Credit Corp entered into Collateral Management Agreement with Barings Private Credit Corporation CLO 2023-1 Ltd. and Barings Private Credit CLO 2023-1, LLC valued at waiver of all collateral management fees (effective 2023-08-23).
- Action
- entry
- Counterparty
- Barings Private Credit Corporation CLO 2023-1 Ltd. and Barings Private Credit CLO 2023-1, LLC
- Value
- waiver of all collateral management fees
- Effective
- 2023-08-23
Exact text from the filing
The Company serves as collateral manager to the CLO Issuer under a collateral management agreement entered into on the Closing Date (the “Collateral Management Agreement”) and has agreed to irrevocably waive all collateral management fees payable pursuant to the Collateral Management Agreement .
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.75
Barings Private Credit Corp entered into Participation Agreement with BPC Funding LLC valued at grant of participation interests in Collateral Obligations to CLO Issuer (effective 2023-08-23).
- Action
- entry
- Counterparty
- BPC Funding LLC
- Value
- grant of participation interests in Collateral Obligations to CLO Issuer
- Effective
- 2023-08-23
Exact text from the filing
pending the settlement of the Collateral Obligations transferred to the CLO Issuer under the Loan Sale Agreement, BPC Funding granted participation interests therein to the CLO Issuer until such loans are elevated to assignment.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.85
Barings Private Credit Corp entered into Class A-2 Credit Agreement with various financial institutions and other persons as lenders, and State Street Bank and Trust Company valued at $20,000,000 Class A-2 Senior Secured Floating Rate Loans (effective 2023-08-23).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- various financial institutions and other persons as lenders, and State Street Bank and Trust Company
- Value
- $20,000,000 Class A-2 Senior Secured Floating Rate Loans
- Effective
- 2023-08-23
Exact text from the filing
The Class A-2 Loans were incurred under a credit agreement (the “Class A-2 Credit Agreement”), dated as of the Closing Date, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street Bank and Trust Company, as loan agent and as collateral trustee .
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.85
Barings Private Credit Corp entered into Note Purchase Agreement with BNP Paribas Securities Corp. valued at $496,500,000 term debt securitization (effective 2023-08-23).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- BNP Paribas Securities Corp.
- Value
- $496,500,000 term debt securitization
- Effective
- 2023-08-23
Exact text from the filing
On August 23, 2023 (the “Closing Date”), Barings Private Credit Corporation (the “Company”) completed a $496,500,000 term debt securitization (the “2023 Debt Securitization”).
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.