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Apex prices $408 million CLO; Wellfleet brings $290.25 million; Europe primary active
By Cristal Cody
Tupelo, Miss., Sept. 30 – Apex Credit Partners LLC priced $408 million of notes due Oct. 25, 2032 in the Apex Credit CLO 2019-II Ltd. transaction on Friday via Jefferies LLC.
The deal was upsized from $407 million with the AAA-tranche pricing at Libor plus 143 basis points, according to a market source.
Final pricing details were not immediately available.
In other deal action, Wellfleet Credit Partners, LLC sold $290.25 million of notes in a refinancing of one tranche from a vintage 2017 CLO.
Meanwhile, the European CLO primary market is heating up after deal volume quieted in July, according to a BofA Merrill Lynch research note.
Several European CLOs priced in September, and the space is expected to remain active in the near term, the note said.
Wellfleet refinances notes
Wellfleet Credit Partners priced $290.25 million of notes in a refinancing of one tranche from the Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC deal, according to a notice of revised proposed first supplemental indenture.
Wellfleet CLO 2017-1 sold the class A-1-R senior secured floating-rate notes (expected ratings Aaa/AAA) at Libor plus 115 bps.
Citigroup Global Markets Inc. was the refinancing placement agent.
Wellfleet originally issued the $457.8 million CLO offering on April 15, 2017. The CLO had priced $290.25 million of class A-1 senior secured floating-rate notes at Libor plus 132 bps.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
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