By Cristal Cody
Tupelo, Miss., March 9 – Wellfleet Credit Partners, LLC priced a new $457.38 million broadly syndicated collateralized loan obligation offering, according to a market source.
Wellfleet CLO 2020-1, Ltd. sold $279 million of class A-1A floating-rate notes at Libor plus 131 basis points, $15.75 million of class A-1B floating-rate notes at Libor plus 160 bps and $47.25 million of class A-2 floating-rate notes at Libor plus 175 bps.
The CLO also priced $22.5 million of class B floating-rate notes at Libor plus 255 bps, $29.25 million of class C floating-rate notes at Libor plus 370 bps, $19.13 million of class D floating-rate notes at Libor plus 724 bps and $44.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent
The CLO is collateralized primarily by broadly syndicated first lien senior secured loans.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2020-1, Ltd.
|
| Amount: | $457.38 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Pricing date: | Feb. 13
|
|
|
| Class A-1A notes
|
| Amount: | $279 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 131 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-1B notes
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| Amount: | $15.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa expected
|
|
|
| Class A-2 notes
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| Amount: | $47.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | Moody’s: A2 expected
|
|
|
| Class C notes
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| Amount: | $29.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Ratings: | Moody’s: Baa3 expected
|
|
|
| Class D notes
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| Amount: | $19.13 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 724 bps
|
| Ratings: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $44.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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