Vibrant sells upsized $559.9 million CLO; Tennenbaum prices; Pretium offers notes

By Cristal Cody

Tupelo, Miss., Jan. 25 – Vibrant Credit Partners, LLC priced an upsized $559.9 million of notes in the manager’s first CLO offering of the year.

The CLO manager brought one deal to the primary market in 2017.

In the middle-market space, Tennenbaum Capital Partners. LLC announced on Thursday that it priced and closed on the firm’s third CLO transaction.

“Our middle-market CLO platform provides us with an additional source of capital to address the needs of first-lien issuers seeking moderate levels of leverage to meet their corporate debt requirements,” Michael E. Leitner, managing partner of Tennenbaum Capital, said in a news release.

Coming up in the broadly syndicated space, Pretium Credit Management LLC plans to price a $407.5 million CLO. The last notes priced in the series were sold in 2015.

Vibrant CLO VIII prices

Vibrant Credit Partners priced $559.9 million of notes due Jan. 20, 2031 in a new CLO, 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 in the senior tranche.

The deal was upsized from $509.1 million.

Morgan Stanley & Co. LLC was the placement agent.

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

Tennenbaum in middle market

Tennenbaum Capital Partners announced on Thursday that it priced and closed on a $300 million middle-market collateralized loan obligation.

The TCP Ranier CLO, Ltd. deal is the firm’s third CLO issuance in the last 12 months, following its TCP Waterman CLO, Ltd. and TCP Whitney CLO, Ltd. transactions.

The CLO manager said its middle-market CLO platform now totals about $1 billion.

Tennenbaum Capital Partners is a Santa Monica, Calif.-based investment management firm.

Pretium plans deal

Pretium Credit Management is marketing $407.5 million of notes due April 20, 2031 in the Crown Point CLO IV, Ltd./Crown Point CLO IV, LLC transaction, according to a source.

The deal includes $3 million of class X notes (//AAA); $254 million of class A notes (//AAA); $46 million of class B notes; $24 million of class C notes; $26 million of class D notes; $18 million of class E notes and $36.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

The last notes priced in the CLO series were sold in 2015 when Valcour Capital Management LLC priced the Crown Point CLO III, Ltd./Crown Point CLO III, LLC deal.

Valcour was acquired by investment firm Pretium Partners, LLC in 2017.

Pretium Credit Management is an investment advisory firm based in New York.

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