Wellfleet, ICG price new CLOs; Seix refinances; heavy July refinancing volume eyed

By Cristal Cody

Tupelo, Miss., June 28 – Wellfleet Credit Partners, LLC announced on Thursday that it closed on its first CLO offering of the year.

Wellfleet priced $409.3 million of notes in the deal.

In other new issuance, ICG Debt Advisors LLC placed $409.1 million of notes in the manager’s second CLO transaction in 2018.

Looking at refinancing activity, Seix Investment Advisors LLC reset $518.05 million of notes from a 2015 CLO.

Strong CLO refinancing and reset action of up to $19 billion is expected in the upcoming month, according to a Wells Fargo Securities, LLC research note on Thursday.

“We expect outsized refi/reset supply in July and October, as many CLOs will exit their non-call period and will likely look to amend on their payment date,” Wells Fargo Securities analysts said in the note. “For reference, the last large payment date month (April 2018) saw $13.5 billion in refi/reset volume. Among currently eligible deals and upcoming newly eligible deals, we see $48 billion in likely candidates for refi/reset in the next six months.”

Wellfleet places CLO

Wellfleet Credit Partners priced and closed on $409.3 million of 13-year notes in the new CLO, according to a company news release on Thursday.

Wellfleet CLO 2018-1, Ltd./Wellfleet CLO 2018-1 LLC sold $260 million of class A floating-rate notes at Libor plus 110 basis points at the top of the capital stack.

Morgan Stanley & Co. LLC arranged the offering.

Wellfleet Credit Partners priced three CLOs in 2017. The company has priced a total of seven CLOs since its first deal in 2015.

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

ICG brings second CLO

ICG Debt Advisors priced $409.1 million of notes due July 22, 2031 in its new broadly syndicated CLO transaction, according to a market source.

ICG US CLO 2018-2, Ltd./ICG US CLO 2018-2 LLC sold $256 million of class A senior secured floating-rate notes at Libor plus 108 bps in the AAA-rated tranche.

Barclays was the placement agent.

ICG Debt Advisors LLC-Manager Series will manage the CLO.

ICG Debt Advisors has priced two new CLO deals year to date.

The CLO manager priced one new CLO and refinanced two vintage CLOs in 2017.

The subsidiary of London-based parent company Intermediate Capital Group plc is based in New York.

Seix reprices $518.05 million

Seix Investment Advisors priced $518.05 million of notes in a refinancing and reset of a 2015 CLO, according to a market source and a notice of executed supplemental indenture on Wednesday.

Mountain View CLO IX, Ltd./Mountain View CLO IX, LLC sold $355 million of class A-1-R senior secured floating-rate notes at Libor plus 112 bps in the senior tranche.

BNP Paribas Securities Corp. was the refinancing underwriter.

The maturity on the reset notes was extended to July 15, 2031 from the original July 15, 2027 maturity.

Seix Investment Advisors issued the original CLO on June 25, 2015.

Seix Investment Advisors has refinanced two vintage CLOs year to date.

The Upper Saddle River, N.J.-based firm is indirectly owned by SunTrust Banks Inc.

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