By Cristal Cody
Tupelo, Miss., July 13 – Vibrant Credit Partners, LLC priced $510 million of notes due July 2031 in a new collateralized loan obligation deal, according to a market source.
Vibrant CLO IX Ltd./Vibrant CLO IX LLC sold the $320 million of class A-1 senior secured floating-rate notes at Libor plus 110 basis points.
The deal also included class A-2 senior secured floating-rate notes; class B secured deferrable floating-rate notes; class C secured deferrable floating-rate notes; class D secured deferrable floating-rate notes and subordinated notes.
BNP Paribas Securities Corp. was 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.
The transaction is backed completely by broadly syndicated first-lien senior secured corporate loans.
Vibrant Credit Partners has priced two CLOs year to date.
The CLO manager is an affiliate of New York-based money manager DFG Investment Advisors, Inc.
| Issuer: | Vibrant CLO IX Ltd./Vibrant CLO IX LLC
|
| Amount: | $510 million
|
| Maturity: | July 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Vibrant Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | July 5
|
| Settlement date: | Aug. 8
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
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