New CLO offerings on deck; Credit Suisse Asset Management, Vibrant Credit plan deals

By Cristal Cody

Tupelo, Miss., Jan. 19 – New CLO issuance is expected following a quiet start to the year, according to market sources on Friday.

Credit Suisse Asset Management, LLC is offering an $811.1 million deal.

Vibrant Credit Partners, LLC is marketing a $509.15 million transaction.

Deal action also was quiet at the start of 2017 with January typically thin on volume, sources note.

CSAM to price $811.1 million

Credit Suisse Asset Management plans to price $811.1 million of notes due April 2030 in the new transaction, according to a market source.

The Madison Park Funding XXVII Ltd./Madison Park Funding XXVII LLC deal includes $468 million of class A-1a floating-rate notes (Aaa/AAA); $36 million of class A-1b floating-rate notes (Aaa/non-rated); $106.4 million of class A-2 floating-rate notes (AA); $48 million of class B floating-rate notes (A); $48.8 million of class C deferrable floating-rate notes /BBB-); $30.4 million of class D deferrable floating-rate notes (BB-) and $73.5 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced one new U.S. CLO and refinanced seven vintage U.S. CLOs in 2017.

Vibrant Credit in pipeline

Vibrant Credit Partners plans to price $509.15 million of notes due 2031 in the Vibrant CLO VIII Ltd./Vibrant CLO VIII LLC deal, a source said.

The offering 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 is an affiliate of New York-based money manager DFG Investment Advisors, Inc.

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