Newfleet refinances $355.8 million; Vibrant Credit offers its second new CLO of year

By Cristal Cody

Tupelo, Miss., May 23 – Newfleet Asset Management, LLC priced $355.8 million of notes in a refinancing of the CLO manager’s debut CLO transaction priced in 2016.

More than $50 billion of vintage CLOs have been refinanced year to date, while new issuance remains steady with more than $43 billion of CLOs priced, according to market sources.

Coming up, Vibrant Credit Partners, LLC intends to price $510.4 million of notes in the firm’s second new CLO transaction of 2018.

Newfleet reissues 2016 CLO

Newfleet Asset Management priced $355.8 million of notes due April 20, 2028 in a refinancing of the Newfleet CLO 2016-1, Ltd./Newfleet CLO 2016-1 LLC deal, according to a market source and notice of revised proposed first supplemental indenture on Tuesday.

The CLO priced $210.5 million of class A-1-R senior secured floating-rate notes at Libor plus 95 basis points and $17 million of 3.868% class A-2-R senior secured fixed-rate notes in the senior tranches.

Wells Fargo Securities, LLC was the refinancing agent.

Newfleet priced a total of $356.3 million of notes in the debut offering on May 17, 2016. The CLO sold $227.5 million of class A senior secured floating-rate notes at Libor plus 185 bps in the AAA-rated tranche.

Newfleet Asset Management is a Hartford, Conn.-based fixed income investment firm.

Vibrant plans CLO IX

Vibrant Credit Partners plans to price $510.4 million of notes due July 20, 2031 in the new 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 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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