By Cristal Cody
Tupelo, Miss., Aug. 31 – Wellfleet Credit Partners, LLC brought a debut $360 million collateralized loan obligation deal to market, according to a market source.
Wellfleet CLO 2015-1, LLC priced $2 million of class X floating-rate notes at Libor plus 100 basis points; $215 million of class A-1 floating-rate notes at Libor plus 165 bps; $9 million of 3.29% class A-2 fixed-rate notes; $43 million of class B floating-rate notes at Libor plus 250 bps; $20 million of 5.41% class C fixed-rate notes; $19.25 million of class D floating-rate notes at Libor plus 450 bps; $15.75 million of class E floating-rate notes at Libor plus 635 bps; $7 million of class F floating-rate notes at Libor plus 735 bps and $29 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Wellfleet Credit Partners will manage the broadly syndicated CLO.
The firm was formed earlier in the year by Greenwich, Conn.-based private equity firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2015-1, LLC
|
| Amount: | $360 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Pricing date: | Aug. 28
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class A-1 notes
|
| Amount: | $215 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $9 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.29%
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class B notes
|
| Amount: | $43 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.41%
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $19.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F notes
|
| Amount: | $7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 735 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $29 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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