Barings Euro CLO 2023-1 DAC (Refinance): 11 June 2025

The assets securing the Notes will consist of a portfolio of predominantly Secured Senior Obligations, Secured Senior Notes, Unsecured Senior Obligations, Second Lien Loans, Mezzanine Obligations and High Yield Bonds, and will be managed by Barings (UK) Limited.

On 30 March 2023 (the Original Issue Date) the Issuer issued Class A-1 Senior Secured Floating Rate Notes due 2036, Class A-2 Senior Secured Fixed Rate Notes due 2036, Class B-1 Senior Secured Floating Rate Notes due 2036, Class B-2 Senior Secured Fixed Rate Notes due 2036, Class C Senior Secured Deferrable Floating Rate Notes due 2036, Class D Senior Secured Deferrable Floating Rate Notes due 2036, Class E Senior Secured Deferrable Floating Rate Notes due 2036, Class F Senior Secured Deferrable Floating Rate Notes due 2036 and Subordinated Notes due 2036.

On or about 9 June 2025 (the re-issue Date) the Issuer will, subject to the satisfaction of certain conditions, redeem the Original Rated Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2038, Class B-1-R Senior Secured Floating Rate Notes due 2038, Class B-2-R Senior Secured Fixed Rate Notes due 2038, Class C-R Senior Secured Deferrable Floating Rate Notes due 2038, Class D-R Senior Secured Deferrable Floating Rate Notes due 2038, Class E-R Senior Secured Deferrable Floating Rate Notes due 2038 and Class F-R Senior Secured Deferrable Floating Rate Notes due 2038.

The Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering.