Wellfleet to refinance $290.25 million of class A-1 notes from Wellfleet CLO 2017-1

By Cristal Cody

Tupelo, Miss., Sept. 20 – Wellfleet Credit Partners, LLC plans to refinance one tranche of notes from a vintage 2017 collateralized loan obligation offering, according to a notice of proposed first supplemental indenture.

Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC intends to sell $290.25 million of class A-1-R senior secured floating-rate notes (expected ratings Aaa/AAA).

Citigroup Global Markets Inc. is the refinancing placement agent.

The refinanced notes will have an extended one-year non-call period.

Wellfleet originally issued the $457.8 million CLO offering on April 15, 2017. The CLO had 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.

Proceeds from the refinancing will be used to redeem the class A-1 notes on Oct. 21. The other tranches will remain outstanding.

The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.

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