Vibrant prices $504.5 million CLO in its first deal of year; Redding Ridge wraps CLO

By Cristal Cody

Tupelo, Miss., June 26 – DFG Investment Partners, Inc. affiliate Vibrant Credit Partners, LLC priced a $504.5 million CLO deal in the company’s first transaction of the year.

DFG Investment Advisors priced three new CLOs in 2018.

In other pricing action, Redding Ridge Asset Management (UK) LLP sold €402.3 million of notes in the manager’s second euro-denominated CLO priced year to date.

The new Redding Ridge CLO priced the class A-1 tranche at Euribor plus 113 basis points.

In Redding Ridge’s first euro CLO offering of 2019, the €451.83 million RRE 1 Loan Management DAC deal issued April 15, the A-1 tranche priced at Euribor plus 109 bps.

In its deal, Vibrant Credit Partners priced $504.5 million of notes due July 20, 2032 in the new CLO offering, according to a market source.

In the senior secured tranches, Vibrant CLO XI Ltd./Vibrant CLO XI LLC sold $325 million of class A-1 floating-rate notes (Aaa//AAA) at a discount margin of Libor plus 137 bps and $55 million of class A-2 floating-rate notes (Aa2) at a discount margin of Libor plus 185 bps.

SG Americas Securities, LLC was the placement agent.

The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The asset management firm is based in New York.

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