Chicago, Sept. 22 – Wellfleet Credit Partners LLC sold $500.95 million in a collateralized loan obligation being issued by Wellfleet CLO 2022-2 Ltd./Wellfleet CLO 2022-2 LLC, according to a presale report.
The notes will mature on Oct. 18, 2035.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes at SOFR plus 240 basis points, $16.25 million of class A-2 senior secured floating-rate notes at SOFR plus 275 bps, $46.25 million of class B senior secured floating-rate notes at SOFR plus 315 bps, $36.25 million of class C senior secured deferrable floating-rate notes at SOFR plus 425 bps, $28.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 560 bps, $17 million of class E senior secured deferrable floating-rate notes at SOFR plus 856 bps and $56.7 million of subordinated notes.
Wellfleet Credit Partners LLC will manage the collateral through the end of the reinvestment period on Oct. 18, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 18, 2024.
Citigroup Global Markets Inc. 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 2022-2 Ltd./Wellfleet CLO 2022-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $500.95 million
|
| Maturity: | Oct. 18, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Wellfleet Credit Partners LLC
|
| Call feature: | Oct. 18, 2024
|
| Settlement date: | Sept. 22
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
|
|
| Class B notes
|
| Amount: | $46.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 560 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 856 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $56.7 million
|
| Securities: | Subordinated notes
|
|
|
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