Chicago, April 16 – Vibrant Credit Partners, LLC refinanced $320 million of notes from the vintage Vibrant CLO VII Ltd./Vibrant CLO VII LLC collateralized loan obligation, according to a notice.
The CLO repriced only the class A-1-R notes at the top of the stack, shifting the floating-rate coupon down to Libor plus 104 basis points from Libor plus 127 bps.
Libor replacement language was added with changes in the interest rate to be tied to SOFR at the appropriate time.
The rest of the portfolio remains outstanding from the original transaction and includes the $58 million of class A-2 floating-rate notes at Libor plus 180 bps; $26 million of class B floating-rate notes at Libor plus 240 bps; $32 million of class C floating-rate notes at Libor plus 360 bps; $24 million of class D floating-rate notes at Libor plus 660 bps and $49.15 million of subordinated notes.
Proceeds from the refinancing notes were used to redeem the original notes.
Vibrant Credit Partners is an affiliate of New York-based money manager DFG Investment Advisors, Inc.
| Issuer: | Vibrant CLO VII Ltd./Vibrant CLO VII LLC
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | $320 million
|
| Maturity: | Sept. 16, 2030
|
| Arranger: | Citigroup Global Markets Inc.
|
| Manager: | Vibrant Credit Partners, LLC
|
| Settlement date: | April 12
|
|
|
| Class A-1-R notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Rating: | Moody’s: Aaa
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
