By Cristal Cody
Tupelo, Miss., Aug. 22 - DFG Investment Advisers, Inc. sold a $367.9 million collateralized loan obligation offering of fixed-rate, floating-rate and subordinated notes due July 15, 2024, according to market sources.
Vibrant CLO II Ltd./Vibrant CLO II LLC priced $214.8 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 128 basis points; $35.1 million of class A-2A senior secured floating-rate notes (/AA/) at Libor plus 175 bps; $10 million of 3.96% class A-2B senior secured fixed-rate notes (/AA/); $28.9 million of class B deferrable floating-rate notes (/A/) at Libor plus 275 bps; $18.8 million of class C deferrable floating-rate notes (/BBB/) at Libor plus 360 bps; $16.4 million of class D deferrable floating-rate notes (/BB/) at Libor plus 490 bps and $11.4 million of class E deferrable floating-rate notes (/B/) at Libor plus 550 bps.
The structure also included $1 million of class M deferrable floating-rate notes and $31.5 million of subordinated notes in the equity tranche.
Deutsche Bank Securities Inc. arranged the deal.
The issue has a two-year non-callable period and a four-year reinvestment period.
The CLO is backed by a revolving pool of primarily broadly syndicated senior secured corporate loans.
DFG, a New York-based money manager, sold $317 million of notes in the Vibrant CLO, Ltd. transaction in December 2012.
| Issuers: | Vibrant CLO II Ltd./Vibrant CLO II LLC
|
| Amount: | $367.9 million
|
| Maturity: | July 15, 2024
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | DFG Investment Advisers, Inc.
|
| Call feature: | July 15, 2015
|
| Settlement date: | Sept. 12
|
|
|
| Class A-1
|
| Amount: | $214.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2A
|
| Amount: | $35.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class A-2B
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.96%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B
|
| Amount: | $28.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C
|
| Amount: | $18.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D
|
| Amount: | $16.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E notes
|
| Amount: | $11.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Class M
|
| Amount: | $1 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $31.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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