Chicago, June 23 – Wellfleet Credit Partners LLC sold $503.6 million in a collateralized loan obligation being issued by Wellfleet CLO 2022-1 Ltd./Wellfleet CLO 2022-1 LLC, according to a presale report.
The notes will mature on April 15, 2034.
The CLO consists of $230 million of class A-1 senior secured floating-rate notes at SOFR plus 156 basis points, $85 million of class A-1 senior secured floating-rate notes at SOFR plus 156 bps, $10 million of class A-2 senior secured floating-rate notes at SOFR plus 195 bps, $42.5 million of class B-1 senior secured floating-rate notes at SOFR plus 235 bps, $10 million of class B-2 4.78% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 285 bps, $31.25 million of class D senior secured deferrable floating-rate notes at SOFR plus 414 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 786 bps and $44.85 million of subordinated notes.
Wellfleet Credit Partners LLC will manage the collateral through the end of the reinvestment period on April 15, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 28, 2023.
J.P. Morgan Securities LLC was the placement agent.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
Issuer: | Wellfleet CLO 2022-1 Ltd./Wellfleet CLO 2022-1 LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $503.6 million
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Maturity: | April 15, 2034
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | Wellfleet Credit Partners LLC
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Call feature: | Dec. 28, 2023
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Settlement date: | June 28
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Class A-1 notes
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Amount: | $230 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 156 bps
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Class A-1 notes
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Amount: | $85 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 156 bps
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Class A-2 notes
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Amount: | $10 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 195 bps
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Class B-1 notes
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Amount: | $42.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 235 bps
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Rating: | S&P: AA
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Class B-2 notes
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Amount: | $10 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 4.78%
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Rating: | S&P: AA
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Class C notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 285 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $31.25 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 414 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 786 bps
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Subordinated notes
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Amount: | $44.85 million
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Securities: | Subordinated notes
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