By Cristal Cody
Tupelo, Miss., Aug. 22 – DFG Investment Partners, Inc. priced $368.05 million of notes in a refinancing of a vintage 2016 collateralized loan obligation offering, according to a market source.
Vibrant CLO IV Ltd./Vibrant CLO IV LLC sold $249 million of class A-1-R senior secured floating-rate notes (Aaa//AAA) at Libor plus 138 basis points, $16.3 million of class A-2-R senior secured floating-rate notes (Aaa) at Libor plus 180 bps and $44.6 million of class B-R senior secured floating-rate notes (Aa2) at Libor plus 205 bps.
The CLO priced $18.4 million of class C-R secured deferrable floating-rate notes (A2) at Libor plus 300 bps, $24.75 million of class D-R secured deferrable floating-rate notes (Baa3) at Libor plus 433 bps and $15 million of class E-R secured deferrable floating-rate notes (Ba3) at Libor plus 722 bps.
Morgan Stanley & Co. LLC was the refinancing placement agent.
DFG will manage the CLO.
The maturity was extended to July 20, 2032 from July 2028.
The reset CLO has 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 bps; $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.
The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.
DFG Investment Advisors has priced one new CLO and one refinanced CLO year to date.
The company priced three new CLOs in 2018.
The asset management firm is based in New York.
| Issuer: | Vibrant CLO IV Ltd./Vibrant CLO IV LLC
|
| Amount: | $368.05 million refinancing
|
| Maturity: | July 20, 2032
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | DFG Investment Partners, Inc.
|
| Call feature: | Two years
|
| Pricing date: | Aug. 7
|
| Settlement date: | Aug. 22
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $249 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 138 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $16.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R notes
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| Amount: | $44.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R notes
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| Amount: | $18.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-R notes
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| Amount: | $24.75 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 433 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-R notes
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| Amount: | $15 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 722 bps
|
| Rating: | Moody’s: Ba3
|
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