By Cristal Cody
Tupelo, Miss., Sept. 27 – DFG Investment Advisors, Inc. closed Thursday on a new $510.25 million collateralized loan obligation offering of notes due Oct. 20, 2031, according to a market source.
Vibrant CLO X Ltd./Vibrant CLO X LLC sold $320 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 120 basis points and $57.5 million of class A-2 senior secured floating-rate notes (Aa2) at Libor plus 175 bps.
The CLO also priced $20 million of class B-1 secured deferrable floating-rate notes (A2) at Libor plus 220 bps; $7.5 million of 5.12% class B-2 secured deferrable fixed-rate notes (A2); $30 million class C secured deferrable floating-rate notes (Baa3) at Libor plus 325 bps; $25 million of class D secured deferrable floating-rate notes (Ba3) at Libor plus 619 bps and $50.25 million of subordinated notes.
Morgan Stanley & Co. LLC was 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 three new CLOs year to date.
The asset management firm is based in New York.
| Issuer: | Vibrant CLO X Ltd./Vibrant CLO X LLC
|
| Amount: | $510.25 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | DFG Investment Advisors, Inc.
|
| Call feature: | Two years
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 27
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1A notes
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| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-1 notes
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| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class B-2 notes
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| Amount: | $7.5 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 5.12%
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $25 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 619 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $50.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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