Wellfleet prices $396 million CLO; CBAM prices €300.74 million; Crescent refinances

By Cristal Cody

Tupelo, Miss., Aug. 19 – In new pricing activity, Wellfleet Credit Partners, LLC sold $396 million of notes in the manager’s second new broadly syndicated CLO deal of the year.

Meanwhile, CBAM CLO Management Europe, LLC issued a €300.74 million broadly syndicated CLO on Wednesday.

More than €13 billion of euro-denominated CLOs have priced year to date, while dollar-denominated supply totals about $45 billion year to date, according to market sources.

In other activity, Crescent Capital Group LP repriced $32.5 million of notes from a 2018 CLO as refinancing activity in fixed-rate tranches has picked up in August.

Other CLO managers that have repriced notes in August include CBAM CLO Management LLC, MJX Asset Management LLC, Apex Credit Partners LLC, Invesco Senior Secured Management, Inc., Fortress Investment Group LLC affiliate FCOD CLO Management LLC and MJX Asset Management LLC.

CLO refinancing volume totals about $26 billion year to date.

In its deal, Wellfleet Credit Partners priced $396 million of notes due July 15, 2031 in the CLO offering, according to a market source.

Wellfleet CLO 2020-2, Ltd./Wellfleet CLO 2020-2, LLC sold $240 million of class A floating-rate notes at Libor plus 185 basis points in the AAA-rated tranche.

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