By Cristal Cody
Tupelo, Miss., Feb. 25 – Wellfleet Credit Partners, LLC priced a $314.83 million broadly syndicated collateralized loan obligation offering, according to a market source.
Wellfleet CLO X, Ltd. sold $187.5 million of class A-1A senior secured floating-rate notes at Libor plus 138 basis points, $12.5 million of 3.99% class A-1B senior secured fixed-rate notes and $37.5 million of class A-2 senior secured floating-rate notes at Libor plus 200 bps.
The CLO also priced $13.93 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 300 bps, $19.18 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 386 bps, $16.1 million of class D junior secured deferrable floating-rate notes at Libor plus 703 bps and $28.12 million of subordinated notes.
Mizuho Securities USA LLC was the deal arranger.
The notes are due April 20, 2032.
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 priced three CLO transactions in 2018.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO X, Ltd.
|
| Amount: | $314.83 million
|
| Maturity: | April 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mizuho Securities USA LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 15
|
| Settlement date: | March 18
|
| Distribution: | Rule 144A
|
|
|
| Class A-1A notes
|
| Amount: | $187.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 138 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.99%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $37.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $13.93 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: Aa
|
|
|
| Class C notes
|
| Amount: | $19.18 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 386 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $16.1 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 703 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $28.12 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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