Chicago, Feb. 8 – Vista Credit Partners, LP sold $374.35 million of collateralized notes in the VCP CLO II, Ltd./VCP CLO II LLC offering with an April 15, 2031 maturity, according to a market source.
The portfolio includes $206.25 million of class A-1 senior secured floating-rate notes at Libor plus 167 basis points, $25 million of class A-2 2.55% senior secured fixed-rate notes, $15.5 million of class B-1 senior secured floating-rate notes at Libor plus 225 bps and $12 million of class B-2 2.93% senior secured fixed-rate notes.
Also included are $26.25 million of class C deferrable floating-rate notes at Libor plus 325 bps, $15 million of class D deferrable floating-rate notes at Libor plus 475 bps, $15 million of E deferrable floating-rate notes at Libor plus 841 bps and $59.35 million of subordinated notes.
Natixis Securities Americas LLC is the placement agent.
Vista Credit Partners will manage the collateral of the notes through the end of the reinvestment period expected to be April 15, 2023.
The notes cannot be called until March 4, 2022.
Vista Credit Partners is a subsidiary of Vista Equity Partners Management, LLC. Vista Equity has headquarters in Austin, Tex.
| Issuer: | VCP CLO II, Ltd./VCP CLO II LLC
|
| Amount: | $374.35 million
|
| Maturity: | April 15, 2031
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Vista Credit Partners, LP
|
| Call: | March 4, 2022
|
| Pricing date: | Feb. 5
|
| Settlement date: | March 4
|
|
|
| Class A-1 notes
|
| Amount: | $206.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 167 bps
|
| Rating: | DBRS: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.55%
|
| Rating: | DBRS: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $15.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | DBRS: AA
|
|
|
| Class B-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.93%
|
| Rating: | DBRS: AA
|
|
|
| Class C notes
|
| Amount: | $26.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | DBRS: A
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | DBRS: BBB (low)
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 841 bps
|
| Rating: | DBRS: BB (low)
|
|
|
| Subordinated notes
|
| Amount: | $59.35 million
|
| Securities: | Subordinated notes
|
|
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