Chicago, May 17 – Vibrant Capital Partners Inc. sold $509.35 million in a new broadly syndicated CLO issued by Vibrant CLO XIII Ltd./Vibrant CLO XIII LLC due July 17, 2034, according to a pre-sale report.
The portfolio has $312 million of class A-1A floating-rate notes at Libor plus 118 basis points, $8 million of class A-1B 2.32% fixed-rate notes, $10 million of class A-1S floating-rate notes at Libor plus 150 bps, $50 million of class A-2 floating-rate notes at Libor plus 180 bps, $30 million of class B floating-rate notes at Libor plus 230 bps, $27.5 million of class C floating-rate notes at Libor plus 385 bps and $18.75 million of class D floating-rate notes at Libor plus 706 bps.
The CLO also has $53.1 million of subordinated notes.
The notes can be called for early redemption starting in July 2023.
The reinvestment period ends in July 2026.
Vibrant Capital is managing the collateral. The collateral will primarily be senior secured loans, cash and eligible investments.
Morgan Stanley &Co. LLC is the underwriter.
Vibrant Capital Partners is an asset management firm based in New York.
| Issuers: | Vibrant CLO XIII Ltd./Vibrant CLO XIII LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Amount: | $509.35 million
|
| Maturity: | July 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley &Co. LLC
|
| Manager: | Vibrant Capital Partners Inc.
|
| Call feature: | July 2023
|
| Settlement date: | June 3
|
|
|
| Class A-1A notes
|
| Amount: | $312 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1B notes
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| Amount: | $8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.32%
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1S notes
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| Amount: | $10 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 150 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
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| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
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| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 385 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class D notes
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| Amount: | $18.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 706 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $53.1 million
|
| Securities: | Subordinated notes
|
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