By Cristal Cody
Tupelo, Miss., Sept. 30 – Wellfleet Credit Partners, LLC priced $290.25 million of notes in a refinancing of one tranche from a vintage 2017 collateralized loan obligation offering, according to a notice of revised proposed first supplemental indenture.
Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC sold the class A-1-R senior secured floating-rate notes (expected ratings Aaa/AAA/) at Libor plus 115 basis points.
Citigroup Global Markets Inc. was the refinancing placement agent.
The refinanced notes have an extended one-year non-call period.
Wellfleet originally issued the $457.8 million CLO offering on April 15, 2017. The CLO had priced $290.25 million of class A-1 senior secured floating-rate notes at Libor plus 132 bps and $52.9 million of class A-2 senior secured floating-rate notes at Libor plus 170 bps.
The CLO also sold $24.7 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 250 bps; $28 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 350 bps; $18.3 million of class D junior secured deferrable floating-rate notes at Libor plus 605 bps and $43.65 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the class A-1 notes on Oct. 21. The other tranches will remain outstanding.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2017-1, Ltd./Wellfleet CLO 2017-1 LLC
|
| Amount: | $290.25 million refinancing
|
| Securities: | Class A-1-R floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Coupon: | Libor plus 115 bps
|
| Call feature: | To but excluding payment date in October 2020
|
| Notice date: | Sept. 27
|
| Settlement date: | Oct. 21
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
| Distribution: | Rule 144A and Regulation S
|
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