Chicago, Sept. 8 – Wellfleet Credit Partners LLC refinanced and extended for $404 million the collateralized loan obligation issued by Wellfleet CLO 2020-2 Ltd./Wellfleet CLO 2020-2 LLC, according to a pre-sale report.
The extended notes will mature on July 15, 2034.
The refinanced CLO consists of $3 million of class X senior secured floating-rate notes at Libor plus 75 basis points, $248 million of class A-R senior secured floating-rate notes at Libor plus 122 bps, $56 million of class B-R senior secured floating-rate notes at Libor plus 175 bps, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 230 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 380 bps, $15 million of class E-R senior secured deferrable floating-rate notes at Libor plus 725 bps and $34 million of subordinated notes.
Originally, the CLO sold $240 million of class A floating-rate notes at Libor plus 185 bps, $52 million of class B-1 floating-rate notes at Libor plus 240 bps and $8 million of 2.74% class B-2 fixed-rate notes.
The CLO also initially priced $24 million of class C deferrable floating-rate notes at Libor plus 305 bps, $24 million of class D deferrable floating-rate notes at Libor plus 455 bps, $14 million of class E deferrable floating-rate notes at Libor plus 818 bps and $34 million of subordinated notes.
Wellfleet Credit Partners LLC will manage the collateral through the end of the reinvestment period on Aug. 21, 2026.
The notes can be called starting Aug. 21, 2023.
Credit Suisse Securities (USA) 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 2020-2 Ltd./Wellfleet CLO 2020-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $404 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Wellfleet Credit Partners LLC
|
| Call feature: | Aug. 21, 2023
|
| Settlement date: | Aug. 24
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $34 million
|
| Securities: | Subordinated notes
|
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