By Cristal Cody
Tupelo, Miss., Jan. 25 – Vibrant Credit Partners, LLC priced $559.9 million of notes due Jan. 20, 2031 in a new collateralized loan obligation deal, according to a market source.
Vibrant CLO VIII Ltd./Vibrant CLO VIII LLC sold $352 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Libor plus 114 basis points, $8.25 million of class A-1B senior secured floating-rate notes (Aaa) at Libor plus 130 bps and $55 million of class A-2 senior secured floating-rate notes (Aa2) at Libor plus 150 bps.
The CLO priced $22.75 million of class B-1 secured deferrable floating-rate notes (A2) at Libor plus 180 bps; $7.5 million of 4.383% class B-2 secured deferrable fixed-rate notes (A2); $35.75 million of class C secured deferrable floating-rate notes (Baa3) at Libor plus 255 bps; $24.75 million of class D secured deferrable floating-rate notes (Ba3) at Libor plus 550 bps and $53.9 million of subordinated notes.
The deal was upsized from $509.1 million.
Morgan Stanley & Co. LLC 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.
Proceeds will be used to purchase a portfolio of about $550 million of mostly senior secured leveraged loans.
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.
| Issuer: | Vibrant CLO VIII Ltd./Vibrant CLO VIII LLC
|
| Amount: | $559.9 million
|
| Maturity: | Jan. 20, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Vibrant Credit Partners, LLC
|
| Call feature: | Two years
|
| Settlement date: | March 1
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1A notes
|
| Amount: | $352 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
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| Amount: | $8.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-1 notes
|
| Amount: | $22.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class B-2 notes
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| Amount: | $7.5 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 4.383%
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $35.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $24.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $53.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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