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Vibrant Credit markets $510.4 million notes in new Vibrant CLO IX
By Cristal Cody
Tupelo, Miss., May 23 – Vibrant Credit Partners, LLC plans to price $510.4 million of notes due July 20, 2031 in a new collateralized loan obligation deal, according to a market source.
The Vibrant CLO IX Ltd./Vibrant CLO IX LLC offering includes $320 million of class A-1 floating-rate notes (//AAA); $57.5 million of class A-2 floating-rate notes; $27.5 million of class B floating-rate notes; $31 million of class C floating-rate notes; $24 million of class D floating-rate notes and $50.4 million of subordinated notes.
BNP Paribas Securities Corp. is the placement agent.
Vibrant Credit Partners will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $600 million of mostly senior secured leveraged loans.
The transaction is backed completely by broadly syndicated first-lien senior secured corporate loans.
Vibrant Credit Partners was last in the primary market with the $559.9 million Vibrant CLO VIII Ltd./Vibrant CLO VIII LLC deal that was issued March 1.
The CLO manager is an affiliate of New York-based money manager DFG Investment Advisors, Inc.
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