By Cristal Cody
Tupelo, Miss., Sept. 27 – DFG Investment Advisors, Inc. closed Thursday on a new $510.25 million collateralized loan obligation offering of notes due Oct. 20, 2031, according to a market source.
Vibrant CLO X Ltd./Vibrant CLO X LLC sold $320 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 120 basis points and $57.5 million of class A-2 senior secured floating-rate notes (Aa2) at Libor plus 175 bps.
The CLO also priced $20 million of class B-1 secured deferrable floating-rate notes (A2) at Libor plus 220 bps; $7.5 million of 5.12% class B-2 secured deferrable fixed-rate notes (A2); $30 million class C secured deferrable floating-rate notes (Baa3) at Libor plus 325 bps; $25 million of class D secured deferrable floating-rate notes (Ba3) at Libor plus 619 bps and $50.25 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
DFG Investment Advisors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.
DFG Investment Advisors has priced three new CLOs year to date.
The asset management firm is based in New York.
Issuer: | Vibrant CLO X Ltd./Vibrant CLO X LLC
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Amount: | $510.25 million
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Maturity: | Oct. 20, 2031
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Morgan Stanley & Co. LLC
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Manager: | DFG Investment Advisors, Inc.
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Call feature: | Two years
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Pricing date: | Aug. 30
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Settlement date: | Sept. 27
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Distribution: | Rule 144A, Regulation S
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Class A-1A notes
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Amount: | $320 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 120 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class A-2 notes
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Amount: | $57.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | Moody’s: Aa2
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Class B-1 notes
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Amount: | $20 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 220 bps
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Rating: | Moody’s: A2
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Class B-2 notes
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Amount: | $7.5 million
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Securities: | Secured deferrable fixed-rate notes
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Coupon: | 5.12%
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Rating: | Moody’s: A2
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Class C notes
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Amount: | $30 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 325 bps
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Rating: | Moody’s: Baa3
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Class D notes
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Amount: | $25 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 619 bps
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Rating: | Moody’s: Ba3
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Equity
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Amount: | $50.25 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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