By Cristal Cody
Tupelo, Miss., Aug. 1 – Wellfleet Credit Partners, LLC priced $404.4 million of notes due July 20, 2032 in a new broadly syndicated collateralized loan obligation offering, according to a market source.
Wellfleet CLO 2019-1, Ltd. sold $256 million of class A-1 floating-rate notes at Libor plus 134 basis points, $5 million of class A-2A floating-rate notes at Libor plus 207 bps and $43 million of class A-2B floating-rate notes at Libor plus 200 bps.
The CLO also priced $18 million of class B floating-rate notes at Libor plus 260 bps, $19.5 million of class C-1 floating-rate notes at Libor plus 400 bps, $5 million of 6.019% class C-2 fixed-rate notes, $21.5 million of class D floating-rate notes at Libor plus 690 bps and $36.4 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated first-lien senior secured loans.
Wellfleet Credit Partners has priced two new CLOs and one refinanced CLO year to date.
Wellfleet priced three CLO transactions in 2018.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2019-1, Ltd.
|
| Amount: | $404.4 million
|
| Maturity: | July 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | July 11
|
| Settlement date: | Aug. 14
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 207 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2B notes
|
| Amount: | $43 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $19.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6.019%
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $21.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $36.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
