By Cristal Cody
Tupelo, Miss., Aug. 19 – Wellfleet Credit Partners, LLC priced a new $396 million broadly syndicated collateralized loan obligation offering, according to a market source.
Wellfleet CLO 2020-2, Ltd./Wellfleet CLO 2020-2, LLC sold $240 million of class A floating-rate notes at Libor plus 185 basis points, $52 million of class B-1 floating-rate notes at Libor plus 240 bps and $8 million of 2.74% class B-2 fixed-rate notes.
The CLO also priced $24 million of class C deferrable floating-rate notes at Libor plus 305 bps, $24 million of class D deferrable floating-rate notes at Libor plus 455 bps, $14 million of class E deferrable floating-rate notes at Libor plus 818 bps and $34 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
The notes are due July 15, 2031, and the CLO has a one-year non-call period and three-year reinvestment period.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured loans.
Wellfleet has priced two new CLOs year to date.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2020-2, Ltd./Wellfleet CLO 2020-2, LLC
|
| Amount: | $396 million
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Call feature: | One year
|
| Settlement date: | Aug. 21
|
|
|
| Class A notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.74%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 455 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 818 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $34 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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