By Rebecca Melvin
New York, Feb. 5 – DFG Investment Advisers, Inc. sold a $414.35 million collateralized loan obligation offering of floating-rate and subordinated notes due April 2026, according to market sources.
Vibrant CLO III Ltd./Vibrant CLO III LLC priced $249 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 163 basis points; $51.5 million of class A-2 senior secured floating-rate notes (Aa2) at Libor plus 245 bps; $22.5 million of class B senior secured floating-rate notes (A2) at Libor plus 330 bps; $26 million of class C deferrable floating-rate notes (Baa3) at Libor plus 365 bps; $20 million of class D deferrable floating-rate notes (Ba3) at Libor plus 500 bps and $45.35 million of subordinated notes in the
equity tranche.
BNP Paribas arranged the deal.
The non-callable period ends November 2016 and a four-year reinvestment period ends April 2019.
The CLO is backed by a portfolio of primarily broadly syndicated senior secured corporate loans.
DFG, a New York-based money manager, sold $350.68 million of notes in the Vibrant CLO II, Ltd. transaction in September 2013.
| Issuers: | Vibrant CLO III Ltd./Vibrant CLO III LLC
|
| Amount: | $414.35 million
|
| Maturity: | April 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | BNP Paribas
|
| Manager: | DFG Investment Advisers, Inc.
|
| Call feature: | November 2016
|
| Settlement date: | March 15
|
|
|
| Class A-1
|
| Amount: | $249 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 163bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2
|
| Amount: | $51.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody’s Ba3
|
|
|
|
|
| Equity tranche
|
| Amount: | $45.35 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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