Chicago, March 17 – Wellfleet Credit Partners, LLC refinanced four classes of notes from its Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC transaction, according to multiple releases.
The refinancing notes, still due April 20, 2029, include $288.73 million of class A-1-R-R senior secured floating-rate notes at Libor plus 89 basis points (previously refinanced for 115 bps), $52.9 million of class A-2-R senior secured floating-rate notes at Libor plus 150 bps (originally 170 bps), $24.7 million of class B-R senior secured deferrable floating-rate notes at Libor plus 200 bps (originally 250 bps), and $28 million of class C-R senior secured deferrable floating-rate notes at Libor plus 360 bps (originally 350 bps).
The class D notes were originally announced as part of the transaction, but the issuer opted to not include that class.
The class D notes and the subordinated notes, therefore, will remain outstanding.
Wellfleet will continue to manage the collateral.
Nomura is the placement agent for the refinancing notes.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuers: | Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | $394,325,007
|
| Maturity: | April 20, 2009
|
| Agent: | Nomura
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Settlement date: | March 12
|
|
|
| Class A-1-R-R notes
|
| Amount: | $288.725007 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 89 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2-R notes
|
| Amount: | $52.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody's: Aa1
|
|
|
| Class B-R notes
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| Amount: | $24.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: A1
|
|
|
| Class C-R notes
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| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody's: Baa3
|
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