By Cristal Cody
Tupelo, Miss., Aug. 8 – Vibrant Credit Partners, LLC priced $509.15 million of notes due Sept. 15, 2030 in a new collateralized loan obligation deal, according to a market source.
Vibrant CLO VII Ltd./Vibrant CLO VII LLC sold $320 million of class A-1 floating-rate notes at Libor plus 127 basis points; $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.
Citigroup Global Markets Inc. was the placement agent.
Vibrant Credit Partners will manage the CLO.
The CLO will have a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.
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
|
| Amount: | $509.15 million
|
| Maturity: | Sept. 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Vibrant Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | Aug. 3
|
| Settlement date: | Sept. 15
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $49.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
