By Cristal Cody
Tupelo, Miss., July 15 – DFG Investment Advisors, Inc. refinanced $281.9 million of notes and loans due July 17, 2024 in a vintage 2013 collateralized loan obligation deal, according to a market source.
Vibrant CLO Ltd. sold $100 million of class A-1AR senior secured floating-rate notes at Libor plus 134 basis points and $91.85 million of class A-1L senior secured floating-rate loans at Libor plus 134 bps.
The original $191.85 million offering of class A-1 floating-rate notes priced at Libor plus 148 bps.
The CLO also sold $39.25 million of class A-2R senior secured floating-rate notes at Libor plus 210 bps, 30 bps tighter than original issuance.
The CLO refinanced $21.7 million of class B-R senior secured deferrable floating-rate notes at Libor plus 280 bps. The class B notes originally priced at Libor plus 330 bps.
The $15.2 million tranche of class C-R senior secured deferrable floating-rate notes were sold at Libor plus 390 bps. The class C notes originally printed at Libor plus 450 bps.
In the final refinanced tranche, the CLO sold $13.9 million of class D-R senior secured deferrable floating-rate notes at Libor plus 630 bps, wider than where the class D notes originally priced at Libor plus 550 bps.
Citigroup Global Markets Inc. arranged the refinancing.
DFG Investment Advisors is the CLO manager.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The proceeds from the refinancing will be used to redeem the original notes.
DFG Investment Advisors was in the primary market in February with the $414.3 million Vibrant CLO III Ltd./Vibrant CLO III LLC deal.
The money manager is based in New York.
| Issuer: | Vibrant CLO Ltd.
|
| Amount: | $281.9 million refinancing
|
| Maturity: | July 17, 2024
|
| Securities: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | DFG Investment Advisors, Inc.
|
| Pricing date: | July 7
|
| Settlement date: | July 17
|
|
|
| Class A-1AR notes
|
| Amount: | $100 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-1L notes
|
| Amount: | $91.85 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 134 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-2 R notes
|
| Amount: | $39.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-R notes
|
| Amount: | $21.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C-R notes
|
| Amount: | $15.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D-R notes
|
| Amount: | $13.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Standard & Poor’s: BB
|
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