By Cristal Cody
Tupelo, Miss., Aug. 1 – Wellfleet Credit Partners, LLC priced $404.4 million of notes due July 20, 2032 in a new broadly syndicated collateralized loan obligation offering, according to a market source.
Wellfleet CLO 2019-1, Ltd. sold $256 million of class A-1 floating-rate notes at Libor plus 134 basis points, $5 million of class A-2A floating-rate notes at Libor plus 207 bps and $43 million of class A-2B floating-rate notes at Libor plus 200 bps.
The CLO also priced $18 million of class B floating-rate notes at Libor plus 260 bps, $19.5 million of class C-1 floating-rate notes at Libor plus 400 bps, $5 million of 6.019% class C-2 fixed-rate notes, $21.5 million of class D floating-rate notes at Libor plus 690 bps and $36.4 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated first-lien senior secured loans.
Wellfleet Credit Partners has priced two new CLOs and one refinanced CLO year to date.
Wellfleet priced three CLO transactions in 2018.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
Issuer: | Wellfleet CLO 2019-1, Ltd.
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Amount: | $404.4 million
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Maturity: | July 20, 2032
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Wellfleet Credit Partners, LLC
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Call feature: | Two years
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Pricing date: | July 11
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Settlement date: | Aug. 14
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Distribution: | Rule 144A and Regulation S
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Class A-1 notes
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Amount: | $256 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 134 bps
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Rating: | Fitch: AAA
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Class A-2A notes
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Amount: | $5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 207 bps
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Ratings: | Non-rated
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Class A-2B notes
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Amount: | $43 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 200 bps
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Ratings: | Non-rated
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Class B notes
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Amount: | $18 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 260 bps
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Ratings: | Non-rated
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Class C-1 notes
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Amount: | $19.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 400 bps
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Ratings: | Non-rated
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Class C-2 notes
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Amount: | $5 million
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Securities: | Fixed-rate notes
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Coupon: | 6.019%
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Ratings: | Non-rated
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Class D notes
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Amount: | $21.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 690 bps
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Ratings: | Non-rated
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Equity
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Amount: | $36.4 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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