DFG Investment offers $510.5 million notes in new Vibrant CLO X issue

By Cristal Cody

Tupelo, Miss., Aug. 24 – DFG Investment Advisors, Inc. plans to price $510.5 million of notes due Oct. 20, 2031 in a new collateralized loan obligation deal, according to a market source.

The Vibrant CLO X Ltd./Vibrant CLO X LLC offering includes $320 million of class A-1 senior secured floating-rate notes (Aaa); $57.5 million of class A-2 senior secured floating-rate notes (Aa2); $27.5 million of class B secured deferrable floating-rate notes (A2); $30 million class C secured deferrable floating-rate notes (Baa3); $25 million of class D secured deferrable floating-rate notes (Ba3) and $50.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

DFG Investment Advisors will manage the CLO.

The CLO has a two-year non-call period and a five-year reinvestment period.

The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.

DFG Investment Advisors has priced two CLOs year to date.

The asset management firm is based in New York.

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