Wellfleet, ICG price new CLOs; Seix refinances; heavy July refinancing volume eyed

By Cristal Cody

Tupelo, Miss., June 28 – Wellfleet Credit Partners, LLC announced on Thursday that it closed on its first CLO offering of the year.

Wellfleet priced $409.3 million of notes in the deal.

In other new issuance, ICG Debt Advisors LLC placed $409.1 million of notes in the manager’s second CLO transaction in 2018.

ICG US CLO 2018-2, Ltd./ICG US CLO 2018-2 LLC sold $256 million of class A senior secured floating-rate notes at Libor plus 108 bps in the AAA-rated tranche.

Looking at refinancing activity, Seix Investment Advisors LLC reset $518.05 million of notes from a 2015 CLO.

Strong CLO refinancing and reset action of up to $19 billion is expected in the upcoming month, according to a Wells Fargo Securities, LLC research note on Thursday.

“We expect outsized refi/reset supply in July and October, as many CLOs will exit their non-call period and will likely look to amend on their payment date,” Wells Fargo Securities analysts said in the note.

In its deal, Wellfleet Credit Partners priced and closed on $409.3 million of 13-year notes in the new CLO, 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 at the top of the capital stack.

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