Wellfleet Credit Partners markets $358.5 million CLO in its second deal

By Cristal Cody

Eureka Springs, Ark., March 11 – Wellfleet Credit Partners, LLC intends to price a $358.5 million collateralized loan obligation offering of notes due April 20, 2028 in a Rule 144A-eligible deal, according to a market source.

The Wellfleet CLO 2016-1, Ltd./Wellfleet CLO 2016-1 LLC deal include $2 million of class X floating-rate notes (//AAA); $227.5 million of class A floating-rate notes (//AAA); $38.5 million of class B floating-rate notes; $21 million of class C floating-rate notes; $17.5 million of class D floating-rate notes; $17.5 million of class E floating-rate notes and $34.5 million of subordinated notes.

Morgan Stanley & Co. LLC will arrange 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.

The deal is the second CLO offering for Wellfleet Credit Partners, which previously priced the $360 million Wellfleet CLO 2015-1, LLC transaction on Aug. 28.

Greenwich, Conn.-based Wellfleet Credit Partners is a performing credit arm formed in 2015 by private investment firm Littlejohn & Co., LLC.

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