Chicago, March 18 – Wellfleet Credit Partners, LLC sold $508.1 million in a collateralized loan obligation being issued by Wellfleet CLO 2021-3, Ltd., according to a press release.
The notes will mature on Jan. 15, 2035.
The CLO consists of $315 million of class A senior secured floating-rate notes, $65 million of class B senior secured floating-rate notes, $26.5 million of class C mezzanine secured deferrable floating-rate notes, $29.5 million of class D mezzanine secured deferrable floating-rate notes, $21.5 million of class E mezzanine secured deferrable floating-rate notes and $50.6 million of subordinated notes.
Wellfleet Credit Partners, LLC will manage the collateral through the end of the five-year reinvestment period on five-year.
Collateral for the notes consists of broadly syndicated senior secured corporate loans.
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 2021-3, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.1 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Settlement date: | Dec. 14, 2021
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $65 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $26.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $29.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $21.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $50.6 million
|
| Securities: | Subordinated notes
|
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