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DFG Investment Partners plans to refinance vintage 2016 Vibrant CLO IV notes
By Cristal Cody
Tupelo, Miss., Aug. 9 – DFG Investment Partners, Inc. plans to refinance notes from a vintage 2016 collateralized loan obligation offering, according to a notice of revised proposed supplemental indenture and notice of optional redemption on Thursday.
The Vibrant CLO IV Ltd./Vibrant CLO IV LLC deal includes class A-1-R senior secured floating-rate notes (Aaa//AAA); class A-2-R senior secured floating-rate notes (expected rating Aaa); class B-R senior secured floating-rate notes (expected ratings Aa2); class C-R secured deferrable floating-rate notes (expected rating A2); class D-R secured deferrable floating-rate notes (expected rating Baa3); class E-R secured deferrable floating-rate notes (expected rating Ba3) and subordinated notes.
Morgan Stanley & Co. LLC is the refinancing placement agent.
DFG will manage the CLO.
The maturity will be extended to July 2032 from July 2028.
The CLO will have an extended non-call period to 2021 and a reinvestment period extended to 2024.
The original $406 million CLO was issued June 10, 2016. In that offering, it priced $236 million of class A-1 floating-rate notes at Libor plus 165 basis points; $24 million of class A-2 floating-rate loans at Libor plus 210 bps; $42 million of class B floating-rate notes at Libor plus 240 bps; $21.6 million of class C floating-rate notes at Libor plus 330 bps; $22.4 million of class D floating-rate notes at Libor plus 450 bps; $20 million of class E floating-rate notes at Libor plus 675 bps and $40 million of subordinated notes.
Proceeds will be used to redeem the original notes on Aug. 22.
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.
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