Vibrant Credit Partners to price $509 million notes in new Vibrant CLO VIII offering

By Cristal Cody

Tupelo, Miss., Jan. 19 – Vibrant Credit Partners, LLC plans to price $509.15 million of notes due 2031 in a new collateralized loan obligation deal, according to a market source.

The Vibrant CLO VIII Ltd./Vibrant CLO VIII LLC deal includes $320 million of class A-1A senior secured floating-rate notes (Aaa); $7.5 million of class A-1B senior secured floating-rate notes (Aaa); $50 million of class A-2 senior secured floating-rate notes (Aa2); $20 million of class B-1 secured deferrable floating-rate notes (A2); $7.5 million of class B-2 secured deferrable fixed-rate notes (A2); $32.5 million of class C secured deferrable floating-rate notes (Baa3); $22.5 million of class D secured deferrable floating-rate notes (Ba3) and $49 million of subordinated notes.

Morgan Stanley & Co. LLC is 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 expected to close in March.

The CLO is backed primarily by broadly syndicated senior secured corporate loans.

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

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