By Cristal Cody
Eureka Springs, Ark., March 22 – Wellfleet Credit Partners, LLC sold $358.5 million of notes due April 20, 2028 in a Rule 144A-eligible collateralized loan obligation offering, according to a market source.
Wellfleet CLO 2016-1, Ltd./Wellfleet CLO 2016-1 LLC priced $2 million of class X floating-rate notes at Libor plus 100 basis points; $227.5 million of class A floating-rate notes at Libor plus 175 bps; $38.5 million of class B floating-rate notes at Libor plus 265 bps; $21 million of class C floating-rate notes at Libor plus 365 bps; $17.5 million of class D floating-rate notes at Libor plus 557 bps; $17.5 million of class E floating-rate notes at Libor plus 858 bps and $34.5 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the offering.
Wellfleet Credit Partners is the CLO manager.
The CLO will have a two-year non-call period and a four-year reinvestment period.
The deal is collateralized primarily by first-lien senior secured loans.
Proceeds from the offering will be used to purchase a $350 million portfolio of mostly senior secured leveraged loans.
Wellfleet Credit Partners has priced two CLOs since it was formed, including the $360 million Wellfleet CLO 2015-1, LLC deal on Aug. 28.
Greenwich, Conn.-based Wellfleet Credit Partners is a performing credit arm created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2016-1, Ltd./Wellfleet CLO 2016-1 LLC
|
| Amount: | $358.5 million
|
| Maturity: | April 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Call feature: | 2018
|
| Pricing date: | March 11
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $227.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 557 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 858 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $34.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
