By Cristal Cody
Tupelo, Miss., April 4 – Wellfleet Credit Partners, LLC priced $457.8 million of notes due April 15, 2029 in a new collateralized loan obligation offering, according to a market source.
Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC priced $290.25 million of class A-1 senior secured floating-rate notes at Libor plus 132 basis points and $52.9 million of class A-2 senior secured floating-rate notes at Libor plus 170 bps.
The CLO also sold $24.7 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 250 bps; $28 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 350 bps; $18.3 million of class D junior secured deferrable floating-rate notes at Libor plus 605 bps and $43.65 million of subordinated notes.
Citigroup Global Markets Inc. arranged the offering.
Wellfleet Credit Partners is the manager of the CLO, which has a two-year non-call period and a four-year reinvestment period.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a $400 million portfolio of mostly senior secured leveraged loans.
Wellfleet Credit Partners priced two CLOs in 2016.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
Issuer: | Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC
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Amount: | $457.8 million
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Maturity: | April 15, 2029
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Wellfleet Credit Partners, LLC
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Call feature: | Two years
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Pricing date: | March 29
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Settlement date: | April 15
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Distribution: | Rule 144A
|
|
Class A-1 notes
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Amount: | $290.25 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 132 bps
|
Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
Class A-2 notes
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Amount: | $52.9 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 170 bps
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Rating: | Moody’s: Aa2
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|
Class B notes
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Amount: | $24.7 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 250 bps
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Rating: | Moody’s: A2
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|
Class C notes
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Amount: | $28 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 380 bps
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Rating: | Moody’s: Baa3
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|
Class D notes
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Amount: | $18.3 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | Libor plus 605 bps
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Rating: | Moody’s: Ba3
|
|
Equity
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Amount: | $43.65 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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