Chicago, July 9 – Vibrant Credit Partners, LLC refinanced three classes of notes from the Vibrant CLO VI Ltd./Vibrant CLO VI LLC collateralized loan obligation, according to a supplemental indenture.
The $407.5 million of refinancing notes mature June 2029.
The refinancing notes are the $320 million of class A-R senior secured floating-rate notes at Libor plus 95 basis points, $57.5 million of class B-R senior secured floating-rate notes at Libor plus 163 bps and $30 million of class C-R secured deferrable floating-rate notes at Libor plus 210 bps.
There are two rated note classes and subordinated notes that continue as part of the portfolio, but are not part of the refinancing.
BNP Paribas Securities Corp. was the initial purchaser for the refinancing notes, as it was in the initial transaction.
The non-call period ends Dec. 14, 2021, extended for the refinancing notes.
The reinvestment period ends in September. Vibrant Credit Partners will mange the collateral until that time.
Vibrant Credit Partners is an affiliate of New York-based money manager DFG Investment Advisors, Inc.
| Issuers: | Vibrant CLO VI Ltd./Vibrant CLO VI LLC
|
| Issue: | Floating-rate notes
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| Amount: | $407.5 million
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| Maturity: | June 2029
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
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| Manager: | Vibrant Credit Partners, LLC
|
| Call feature: | Dec. 14
|
| Settlement date: | June 14
|
|
|
| Class A-R notes
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| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
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| Amount: | $57.5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 163 bps
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| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
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| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 210 bps
|
| Rating: | Moody's: A2
|
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