THL markets third CLO deal; Wellfleet Credit Partners to refinance $290.25 million notes

By Cristal Cody

Tupelo, Miss., Sept. 20 – THL Credit Advisors LLC plans to price $508.3 million of notes in the manager’s third broadly syndicated CLO offering of the year.

Looking at the refinancing market, Wellfleet Credit Partners, LLC intends to reprice one tranche of notes from a vintage 2017 CLO deal.

In other market activity, leveraged loan flows improved to a flat reading for the past week ended Wednesday from a $130 million outflow in the previous week, according to a BofA Merrill Lynch research note released on Friday.

Elsewhere, securitized secondary market volume slowed on Thursday as prices improved.

The previous session saw $270.19 million of investment-grade CBO/CDO/CLO issues and $148.66 million of lower-rated securities trade, Trace data shows.

On Wednesday, $320.92 million of high-grade issues and $650.84 million of lower-rated securities were traded.

Investment-grade issues traded with an average price of 99.20 on Thursday, compared to 98.30 on Wednesday and 99.40 on Tuesday.

Non-high-grade CBO/CDO/CLO issues improved to an average trading price of 87.30 on Thursday from 47.30 on Wednesday and 80.10 on Tuesday, Trace data shows.

Tuesday’s session saw $410.69 million of non-investment-grade issues and $206.22 million of investment-grade issues trade.

THL offers Wind River notes

THL Credit Advisors plans to price $508.3 million of notes due Jan. 15, 2033 in the THL Credit Wind River 2019-2 CLO Ltd./THL Credit Wind River 2019-2 LLC transaction, according to a market source.

The deal includes $273.7 million of class A-1a floating-rate notes (AAA), $36.3 million of class A-1b fixed-rate notes (AAA), $15 million of class A-2 floating-rate notes, $50 million of class B-1 floating-rate notes, $5 million of class B-2 fixed-rate notes, $30 million of class C floating-rate notes, $30 million of class D floating-rate notes, $20 million of class E floating-rate notes and $48.3 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

THL has priced two new broadly syndicated CLOs and two middle-market CLOs year to date.

The alternative credit investment firm is based in Boston.

Wellfleet markets reprint

Wellfleet Credit Partners plans to refinance one tranche of notes from the vintage Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC offering, according to a notice of proposed first supplemental indenture.

Wellfleet CLO 2017-1 intends to sell $290.25 million of class A-1-R senior secured floating-rate notes (expected ratings Aaa/AAA).

Citigroup Global Markets Inc. is the refinancing placement agent.

Wellfleet originally issued the $457.8 million CLO offering on April 15, 2017. The CLO had priced $290.25 million of the class A-1 senior secured floating-rate notes at Libor plus 132 basis points.

The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.

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