Chicago, March 2 – Vibrant Capital Partners Inc. priced $458.16 million in a new broadly syndicated CLO with Vibrant CLO XII Ltd./Vibrant CLO XII LLC listed as issuers, according to a pre-sale report.
The notes, due Jan. 20, 2034, include $279 million of class A-1 senior secured floating-rate notes at Libor plus 123 basis points and $63 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps.
Lower in the portfolio are $10.5 million of class B-1 senior secured deferrable floating-rate notes at Libor plus 220 bps, $3.75 million of class B-2-A senior secured deferrable floating-rate notes at Libor plus 185 bps, $3.75 million of class B-2-B senior secured deferrable floating-rate notes at Libor plus 255 bps, $9 million of class B-3 3.497% senior secured deferrable fixed-rate notes, $22.5 million of class C senior secured deferrable floating-rate notes at Libor plus 365 bps and $19.13 million of class D senior secured deferrable floating-rate notes at Libor plus 711 bps.
And, there are $47.53 million of subordinated notes.
The notes cannot be called before April 20, 2023.
The portfolio will be managed by Vibrant Capital through the end of its reinvestment period on April 20, 2026.
Collateral for the notes is mostly from senior secured loans, cash and eligible investments. Most borrowers must be based in the United States or Canada.
BNP Paribas Securities Corp. is the initial purchaser.
Vibrant Capital Partners is an asset management firm based in New York. The firm was previously called DFG Investment Advisors.
| Issuers: | Vibrant CLO XII Ltd./Vibrant CLO XII LLC
|
| Amount: | $458.16 million
|
| Maturity: | Jan. 20, 2034
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| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Placement agent: | BNP Paribas Securities Corp.
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| Manager: | Vibrant Capital Partners Inc.
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| Call: | April 20, 2023
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| Pricing date: | March 2
|
| Settlement date: | March 31
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|
|
| Class A-1 notes
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| Amount: | $279 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $63 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1 notes
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| Amount: | $10.5 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class B-2-A notes
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| Amount: | $3.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA-
|
|
|
| Class B-2-B notes
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| Amount: | $3.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class B-3 notes
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| Amount: | $9 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.497%
|
| Rating: | S&P: A
|
|
|
| Class C notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
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| Amount: | $19.13 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 711 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $47.53 million
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| Securities: | Subordinated notes
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