0000009015-19-000013.txt : 20190212
0000009015-19-000013.hdr.sgml : 20190212
20190212152007
ACCESSION NUMBER: 0000009015-19-000013
CONFORMED SUBMISSION TYPE: SC 13G/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20190212
DATE AS OF CHANGE: 20190212
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: BARINGS PARTICIPATION INVESTORS
CENTRAL INDEX KEY: 0000831655
IRS NUMBER: 043025730
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13G/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-45133
FILM NUMBER: 19590301
BUSINESS ADDRESS:
STREET 1: 1500 MAIN STREET
STREET 2: SUITE 600
CITY: SPRINGFIELD
STATE: MA
ZIP: 01115
BUSINESS PHONE: 4132261000
MAIL ADDRESS:
STREET 1: 1500 MAIN STREET
STREET 2: SUITE 600
CITY: SPRINGFIELD
STATE: MA
ZIP: 01115
FORMER COMPANY:
FORMER CONFORMED NAME: BABSON CAPITAL PARTICIPATION INVESTORS
DATE OF NAME CHANGE: 20111230
FORMER COMPANY:
FORMER CONFORMED NAME: MASSMUTUAL PARTICIPATION INVESTORS
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: MASSMUTUAL CORPORATE INVESTORS II
DATE OF NAME CHANGE: 19880417
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: MASSACHUSETTS MUTUAL LIFE INSURANCE CO
CENTRAL INDEX KEY: 0000225602
STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000]
IRS NUMBER: 041590850
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13G/A
BUSINESS ADDRESS:
STREET 1: 1295 STATE STREET
CITY: SPRINGFIELD
STATE: MA
ZIP: 01111
BUSINESS PHONE: 4137448411
MAIL ADDRESS:
STREET 1: 1295 STATE STREET
CITY: SPRINGFIELD
STATE: MA
ZIP: 01111
SC 13G/A
1
mpv123118gamend.txt
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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. 10)*
Barings Participation Investors
(NAME OF ISSUER)
Common Shares
(TITLE OF CLASS OF SECURITIES)
06761A103
(CUSIP NUMBER)
December 31, 2018
(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
1,075,614
NUMBER OF ----- ------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ----- ------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 1,075,614
----- ------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,075,614
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
9.3%
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
=================== =================
Item 1(a) Name of Issuer:
Barings Participation Investors
1(b) Address of Issuer's Principal Executive Offices:
1500 Main Street
Springfield, MA 01115
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
=================== =================
CUSIP No. 06761A103 13G PAGE 4 OF 6 PAGES
=================== =================
price of MPV's common shares for the ten day period ending
December 31, 2018 was $14.88 and as such the Note would have
converted into approximately 1,008,200 common shares if the Note
had been converted as of December 31, 2018. 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 67,414 common shares of MPV.
Total shares of common shares owned directly and indirectly:
1,075,614 (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 1,075,614 common shares mentioned above represent 9.3% of
MPV's common shares calculated as follows:
1,075,614 (common shares from conversion based on a conversion
price of $14.88 + outstanding common shares owned of 67,414)
/1,008,200 number of new common shares that would be issued
by MPV upon conversion) + 10,510,689(common shares outstanding
as reported in the Issuer's most recent quarterly report filed
November 29, 2018) = 9.3%
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: 1,075,614 (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:
1,075,614 (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.
February 8, 2019
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By:
---------------------------
Name: Donald Griffith
Title: Vice President