By Cristal Cody
Tupelo, Miss., June 11 – Wellfleet Credit Partners, LLC sold $324,625,000 of notes due July 20, 2029 at par in a third refinancing of the vintage 2015 collateralized loan obligation offering, according to market sources.
Wellfleet CLO 2015-1, Ltd./Wellfleet CLO 2015-1 LLC priced $3.5 million of class X-R senior secured floating-rate notes at Libor plus 80 basis points; $225.75 million of class A-R3 senior secured floating-rate notes at Libor plus 128 bps; $36.05 million of class B-R3 senior secured floating-rate notes at Libor plus 205 bps; $16,975,000 of class C-R3 mezzanine secured deferrable floating-rate notes at Libor plus 275 bps; $22,575,000 of class D-R3 mezzanine secured deferrable floating-rate notes at Libor plus 375 bps and $19,775,000 of class E-R3 junior secured deferrable floating-rate notes at Libor plus 705 bps.
Morgan Stanley & Co. LLC was the refinancing placement agent.
Wellfleet Credit Partners will remain as the CLO manager.
The refinanced CLO has a one-year non-call period and a two-year reinvestment period.
Wellfleet originally issued the notes on Sept. 24, 2015. The CLO was partially refinanced on Oct. 20, 2017 and partially refinanced on Oct. 22, 2018.
In the debut $360 million transaction priced in 2015, the CLO sold $2 million of class X floating-rate notes at Libor plus 100 bps; $215 million of class A-1 floating-rate notes at Libor plus 165 bps; $9 million of 3.29% class A-2 fixed-rate notes; $43 million of class B floating-rate notes at Libor plus 250 bps; $20 million of 5.41% class C fixed-rate notes; $19.25 million of class D floating-rate notes at Libor plus 450 bps; $15.75 million of class E floating-rate notes at Libor plus 635 bps; $7 million of class F floating-rate notes at Libor plus 735 bps and $29 million of subordinated notes.
Proceeds were used to redeem the outstanding notes.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured loans.
Wellfleet Credit Partners has priced one new CLO and one refinanced CLO year to date.
In 2018, the CLO manager brought three CLO transactions to the primary market.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2015-1, Ltd./Wellfleet CLO 2015-1 LLC
|
| Amount: | $324,625,000 refinancing
|
| Maturity: | July 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Call feature: | One year
|
| Pricing date: | May 13
|
| Settlement date: | June 5
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-R3 notes
|
| Amount: | $225.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R3 notes
|
| Amount: | $36.05 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R3 notes
|
| Amount: | $16,975,000
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R3 notes
|
| Amount: | $22,575,000
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R3 notes
|
| Amount: | $19,775,000
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 705 bps
|
| Price: | Par
|
| Rating: | Moody’s: Ba3
|
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