THL markets third CLO deal; Wellfleet Credit Partners to refinance $290.25 million notes

By Cristal Cody

Tupelo, Miss., Sept. 20 – THL Credit Advisors LLC plans to price $508.3 million of notes in the manager’s third broadly syndicated CLO offering of the year.

Looking at the refinancing market, Wellfleet Credit Partners, LLC intends to reprice one tranche of notes from a vintage 2017 CLO deal.

In other market activity, leveraged loan flows improved to a flat reading for the past week ended Wednesday from a $130 million outflow in the previous week, according to a BofA Merrill Lynch research note released on Friday.

In its deal, THL Credit Advisors plans to price $508.3 million of notes due Jan. 15, 2033 in the THL Credit Wind River 2019-2 CLO Ltd./THL Credit Wind River 2019-2 LLC transaction, according to a market source.

The deal includes $273.7 million of class A-1a floating-rate notes (AAA), $36.3 million of class A-1b fixed-rate notes (AAA), $15 million of class A-2 floating-rate notes, $50 million of class B-1 floating-rate notes, $5 million of class B-2 fixed-rate notes, $30 million of class C floating-rate notes, $30 million of class D floating-rate notes, $20 million of class E floating-rate notes and $48.3 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

THL has priced two new broadly syndicated CLOs and two middle-market CLOs year to date.

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