Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
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- Peter Lynch
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UNITED STATES
SECURITIES AND EXHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 11)*
Barings Participation Investors
(NAME OF ISSUER)
Common Shares
(TITLE OF CLASS OF SECURITIES)
06761A103
(CUSIP NUMBER)
December 31, 2019
(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 06761A103 13G PAGE 2 OF 6 PAGES
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1 NAMES OF REPORTING PERSONS:
Massachusetts Mutual Life Insurance Company
----- --------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [x]
----- --------------------------------------------------------------------------
3 SEC USE ONLY
----- --------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
1,008,240
NUMBER OF ----- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ----- ------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 1,008,240
----- ------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,008,240
Massachusetts Mutual Life Insurance Company holds a $15,000,000 Senior
Fixed Rate Convertible Note that is convertible into an equivalent dollar
amount of common shares.
----- --------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [X]
----- --------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.8%
The conversion rate of the Senior Fixed Rate Convertible Note is based on
the market price of Barings Participation Investor's common shares,
so Massachusetts Mutual Life Insurance Company's beneficial ownership may
be slightly greater than or less than 10% at the end of any given month.
----- --------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IC
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CUSIP No. 06761A103 13G PAGE 3 OF 6 PAGES
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Item 1(a) Name of Issuer:
Barings Participation Investors
1(b) Address of Issuer's Principal Executive Offices:
300 South Tryon Street
Suite 2500
Charlotte, NC 28202
Item 2(a) Name of Person Filing:
Massachusetts Mutual Life Insurance Company
2(b) Address of Principal Business Office or, if None, Residence:
Massachusetts Mutual Life Insurance Company
1295 State Street
Springfield, MA 01111
2(c) Citizenship:
Massachusetts
2(d) Title of Class of Securities:
Common Shares
2(e) CUSIP Number:
06761A103
Item 3 This statement is filed pursuant to Rule 13d-1(b) by Massachusetts
Mutual Life Insurance Company, an insurance company as defined in
Section 3(a)(19) of the Securities Exchange Act of 1934.
Item 4 Ownership
4(a) Amount beneficially owned:
Massachusetts Mutual Life Insurance Company ("MassMutual") is the
holder of a $15,000,000 Barings Participation Investors ("MPV")
Senior Fixed Rate Convertible Note (the "Note") due December 13,
2023. The Note's principal is convertible into an equivalent dollar
amount of MPV's common shares based upon the average price of
MPV's common shares for ten business days prior to MassMutual's
notice of conversion. The ten business day average closing market
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CUSIP No. 06761A103 13G PAGE 4 OF 6 PAGES
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price of MPV's common shares for the ten day period ending
December 31, 2019 was $16.27 and as such the Note would have
converted into approximately 922,112 common shares if the Note
had been converted as of December 31, 2019. Since the conversion
rate is based on the market price of MPV's common shares,
MassMutual's beneficial ownership may be slightly greater than or
less than 10% at the end of any given month. Additionally,
MassMutual owns 86,128 common shares of MPV.
Total shares of common shares owned directly and indirectly:
1,008,240 (subject to change with market). Additionally, Barings
LLC, a wholly-owned subsidiary of MassMutual, is the beneficial
owner of 143,404 common shares of MPV.
The filing of this statement shall not be construed as an
admission that MassMutual is for the purpose of Sections 13(d)
and 13(g) of the Securities Exchange Act of 1934, the beneficial
owner of any of the common shares stock of MPV, including
the common shares held by Barings LLC.
4(b) Percent of Class:
The 1,008,240 common shares mentioned above represent 8.8% of
MPV's common shares calculated as follows:
1,008,240 (common shares from conversion based on a conversion
price of $16.27 + outstanding common shares owned of 86,128)
/922,112 number of new common shares that would be issued
by MPV upon conversion) + 10,572,963(common shares outstanding
as reported in the Issuer's most recent quarterly report filed
November 27, 2019) = 8.8%
Since the conversion rate is based on the market price of MPV's
common shares, MassMutual's beneficial ownership may be slightly
greater than or less than 10% at the end of any given month.
4(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 1,008,240 (subject
to change with market)
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition of:
1,008,240 (subject to change with market)
(iv) shared power to dispose or to direct the disposition of: 0
Item 5 Ownership of Five Percent or Less of a Class:
Not applicable
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CUSIP No. 06761A103 13G PAGE 5 OF 6 PAGES
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Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Not applicable
Item 7 Identification and Classification of the Subsidiary which Acquired the
Security Being Reported on by the Parent Holding Company:
Not applicable
Item 8 Identification and Classification of Members of the Group:
Not applicable
Item 9 Notice of Dissolution of Group:
Not applicable
Item 10 Certifications:
By signing below MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY certifies
that, to the best of its knowledge and belief, the security referred to above
was acquired and is held in the ordinary course of business and was not acquired
and is not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and was not acquired and is not held
in connection with or as a participant in any transaction having that purpose or
effect.
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CUSIP No. 06761A103 13G PAGE 6 OF 6 PAGES
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SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief,
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY certifies that the information set
forth in this statement is true, complete, and correct.
Dated: February 14, 2020
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By:
---------------------------
Name: Alethea O'Donnell
Title: Head of Corporate Compliance