--- schema_version: "secwatch.filing_event.v1" accession: "0001140361-23-041555" form_type: "8-K" ticker: null cik: "0001859919" company_name: "Barings Private Credit Corp" filed_at: "2023-08-29T23:59:59+00:00" generated_at: "2026-06-11T02:32:48.938940+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.65 calibrated_materiality_score: 0.65 confidence: "high" source: SEC EDGAR --- # Barings Private Credit closes $496.5M CLO securitization of middle-market loans ## Summary - $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. ## SEC filing metadata - accession: 0001140361-23-041555 - form_type: 8-K - cik: 0001859919 - company_name: Barings Private Credit Corp - filed_at: 2023-08-29T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.65 - calibrated_materiality_score: 0.65 - confidence: high - sec_items: 1.01, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/brhc20057975_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001140361-23-041555 - JSON: https://secwatch.observer/filing/0001140361-23-041555.json - Plain text: https://secwatch.observer/filing/0001140361-23-041555.txt ## Key facts - Debt Financings 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 source text: 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% evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - Debt Financings 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 source text: $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% evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - Debt Financings 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 source text: $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% evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - Debt Financings 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 source text: $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% evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - Debt Financings 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 source text: $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% evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - Material Agreements 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 source text: 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 . evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - Material Agreements 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 source text: 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 . evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm - Material Agreements 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1859919/000114036123041555/0001140361-23-041555-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.