By Cristal Cody
Tupelo, Miss., June 26 – DFG Investment Partners, Inc. affiliate Vibrant Credit Partners, LLC priced a $504.5 million collateralized loan obligation offering of notes due July 20, 2032 in the company’s first transaction of 2019, according to a market source.
Vibrant CLO XI Ltd./Vibrant CLO XI LLC sold $325 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at a discount margin of Libor plus 137 basis points and $55 million of class A-2 senior secured floating-rate notes (Aa2) at a discount margin of Libor plus 185 bps.
The CLO also priced $25 million of class B secured deferrable floating-rate notes (A2) at a discount margin of Libor plus 260 bps; $30 million of class C secured deferrable floating-rate notes (Baa3) at a discount margin of Libor plus 385 bps; $22.5 million of class D secured deferrable floating-rate notes (Ba3) at a discount margin of Libor plus 710 bps and $47 million of subordinated notes.
SG Americas Securities, LLC 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 primarily by broadly syndicated first-lien senior secured corporate loans.
DFG Investment Advisors priced three new CLOs in 2018.
The asset management firm is based in New York.
| Issuer: | Vibrant CLO XI Ltd./Vibrant CLO XI LLC
|
| Amount: | $504.5 million
|
| Maturity: | July 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | SG Americas Securities, LLC
|
| Manager: | Vibrant Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | June 21
|
| Settlement date: | July 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $325 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 137 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
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| Amount: | $25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 260 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 385 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $22.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 710 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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