Vibrant sells upsized $559.9 million CLO; Tennenbaum prices; Pretium offers notes

By Cristal Cody

Tupelo, Miss., Jan. 25 – Vibrant Credit Partners, LLC priced an upsized $559.9 million of notes in the manager’s first CLO offering of the year.

The CLO manager brought one deal to the primary market in 2017.

In the middle-market space, Tennenbaum Capital Partners. LLC announced on Thursday that it priced and closed on the firm’s third CLO transaction.

“Our middle-market CLO platform provides us with an additional source of capital to address the needs of first-lien issuers seeking moderate levels of leverage to meet their corporate debt requirements,” Michael E. Leitner, managing partner of Tennenbaum Capital, said in a news release.

Coming up in the broadly syndicated space, Pretium Credit Management LLC plans to price a $407.5 million CLO. The last notes priced in the series were sold in 2015.

In its deal, Vibrant Credit Partners priced $559.9 million of notes due Jan. 20, 2031 in a new CLO, according to a market source.

Vibrant CLO VIII Ltd./Vibrant CLO VIII LLC sold $352 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Libor plus 114 basis points in the senior tranche.

The deal was upsized from $509.1 million.

Morgan Stanley & Co. LLC was the placement agent.

Vibrant Credit Partners is an affiliate of New York-based money manager DFG Investment Advisors, Inc.

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