By Cristal Cody
Tupelo, Miss., June 28 – Wellfleet Credit Partners, LLC priced and closed on $409.3 million of 13-year notes in a new collateralized loan obligation offering, 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 and $42 million of class B floating-rate notes at Libor plus 165 bps.
The CLO priced $21 million of class C floating-rate notes at Libor plus 195 bps, $25 million of class D floating-rate notes at Libor plus 290 bps, $20 million of class E floating-rate notes at Libor plus 550 bps and $41.3 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the offering.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated senior secured loans.
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.
| Issuer: | Wellfleet CLO 2018-1, Ltd./Wellfleet CLO 2018-1 LLC
|
| Amount: | $409.3 million
|
| Maturity: | 13 years
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Call feature: | Two years
|
| Announcement date: | June 28
|
|
|
| Class A notes
|
| Amount: | $260 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $41.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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