By Cristal Cody
Tupelo, Miss., Aug. 31 – Wellfleet Credit Partners, LLC priced $557 million of notes due Oct. 20, 2029 in a new collateralized loan obligation offering, according to market sources.
Wellfleet CLO 2017-2, Ltd./Wellfleet CLO 2017-2 LLC sold $354.75 million of class A-1 floating-rate notes at Libor plus 125 basis points and $63.25 million of class A-2 floating-rate notes at Libor plus 175 bps.
The CLO priced $27.5 million of class B floating-rate notes at Libor plus 230 bps; $35.75 million of class C floating-rate notes at Libor plus 340 bps; $24.75 million of class D floating-rate notes at Libor plus 675 bps and $51 million of subordinated notes.
Citigroup Global Markets Inc. arranged the offering.
Wellfleet Credit Partners will manage the CLO.
The notes have 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 portfolio of about a $550 million of mostly senior secured leveraged loans.
Wellfleet Credit Partners has priced two CLOs year to date. The firm 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 2017-2, Ltd./Wellfleet CLO 2017-2 LLC
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Amount: | $557 million
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Maturity: | Oct. 20, 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: | Aug. 14
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Settlement date: | Sept. 26
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Distribution: | Rule 144A, Regulation S
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Class A-1 notes
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Amount: | $354.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 125 bps
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Rating: | Fitch: AAA
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Class A-2 notes
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Amount: | $63.25 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 175 bps
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Ratings: | Non-rated
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Class B notes
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Amount: | $27.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 230 bps
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Ratings: | Non-rated
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Class C notes
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Amount: | $35.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 340 bps
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Ratings: | Non-rated
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Class D notes
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Amount: | $24.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 675 bps
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Ratings: | Non-rated
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Equity
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Amount: | $51 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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