By Cristal Cody
Tupelo, Miss., Jan. 17 – Wellfleet Credit Partners, LLC priced $409 million of 13-year notes in a new collateralized loan obligation offering, according to a market source and a company news release on Wednesday.
Wellfleet CLO 2017-3, Ltd./Wellfleet CLO 2017-3 LLC sold $260 million of class A-1 floating-rate notes at Libor plus 115 basis points and $44 million of class A-2 floating-rate notes at Libor plus 150 bps.
The CLO priced $22 million of class B floating-rate notes at Libor plus 195 bps, $24 million of class C floating-rate notes at Libor plus 275 bps, $18 million of class D floating-rate notes at Libor plus 555 bps and $41 million of subordinated notes.
BofA Merrill Lynch arranged the offering.
Wellfleet Credit Partners will manage the CLO.
The notes have a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans.
Proceeds from the offering will be used to purchase a portfolio of about $400 million of mostly first-lien senior secured loans.
Wellfleet Credit Partners priced three CLOs in 2017. The latest deal is the firm’s sixth CLO transaction.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
Issuer: | Wellfleet CLO 2017-3, Ltd./Wellfleet CLO 2017-3 LLC
|
Amount: | $409 million
|
Maturity: | Jan. 17, 2031
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | BofA Merrill Lynch
|
Manager: | Wellfleet Credit Partners, LLC
|
Call feature: | Two years
|
Pricing date: | Dec. 7
|
Settlement date: | Jan. 17
|
Distribution: | Rule 144A, Regulation S
|
|
Class A-1 notes
|
Amount: | $260 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 115 bps
|
Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
Class A-2 notes
|
Amount: | $44 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 150 bps
|
Rating: | Moody’s: Aa2 expected
|
|
Class B notes
|
Amount: | $22 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 195 bps
|
Rating: | Moody’s: A2 expected
|
|
Class C notes
|
Amount: | $24 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 275 bps
|
Rating: | Moody’s: Baa3 expected
|
|
Class D notes
|
Amount: | $18 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 555 bps
|
Rating: | Moody’s: Ba3 expected
|
|
Equity
|
Amount: | $41 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.