Wellfleet Credit prices $409 million CLO; Telos resets CLO; Redding Ridge eyes deal

By Cristal Cody

Tupelo, Miss., Jan. 17 – Wellfleet Credit Partners, LLC priced $409 million of 13-year notes in a new CLO deal as 2017 came to a close.

“We finished 2017 with strong momentum and look forward to continuing to expand our proven CLO platform in the coming year,” Dennis Talley, a portfolio manager at Wellfleet, said in a news release on Wednesday.

Since Wellfleet was formed in 2015 by private investment firm Littlejohn & Co., LLC, the company has priced six CLOs, including one deal in 2015, two CLOs in 2016 and three CLOs in 2017.

“In addition to several non-affiliated investors, Littlejohn funds, as well as its partners, invested in the CLO,” according to the news release. “Wellfleet will retain equity through a majority-owned affiliate in order to comply with U.S. risk retention requirements.”

In other action, Telos Asset Management LLC priced a $366.2 million refinancing and reset of a 2013 CLO.

Coming up, Redding Ridge Asset Management, LLC plans to price $1,552,350,000 of notes in a refinancing and renaming of a vintage 2014 CLO that was first priced by Apollo Credit Management (CLO) LLC.

In the Wellfleet deal, the Wellfleet CLO 2017-3, Ltd./Wellfleet CLO 2017-3 LLC sold $260 million of class A-1 floating-rate notes at Libor plus 115 basis points in the senior tranche.

BofA Merrill Lynch arranged the offering.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.