By Cristal Cody
Tupelo, Miss., Aug. 13 – Vista Credit Opportunities Management LP sold $304.74 million of notes due July 20, 2030 in the firm’s first collateralized loan obligation transaction, according to a market source.
VCO CLO 2018-1 LLC priced $158 million of class A floating-rate notes at Libor plus 150 basis points; $20 million of 4.979% class B fixed-rate notes; $42 million of class C floating-rate notes at Libor plus 298 bps; $21 million of class D floating-rate notes at Libor plus 410 bps; $17 million of class E floating-rate notes at Libor plus 640 bps and $46.74 million of interests notes.
Wells Fargo Securities LLC was the placement agent.
Vista Credit Opportunities Management will manage the CLO.
The issue has a one-year non-call period and a 1.5-year reinvestment period.
VCO CLO is collateralized by a mix of broadly syndicated and middle-market senior secured loans.
Vista Credit Opportunities Management is a credit investment and financing firm based in San Francisco.
| Issuer: | VCO CLO 2018-1 LLC
|
| Amount: | $304.74 million
|
| Maturity: | July 20, 2030
|
| Securities: | Floating-rate and interests notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Vista Credit Opportunities Management LP
|
| Call feature: | One year
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 22
|
|
|
| Class A notes
|
| Amount: | $158 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.979%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 298 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $46.74 million
|
| Securities: | Interests notes
|
| Ratings: | Non-rated
|
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