By Cristal Cody
Tupelo, Miss., May 11 – Wellfleet Credit Partners, LLC sold $370,812,000 of notes due April 20, 2028 in a refinancing of a vintage 2016 collateralized loan obligation offering, according to a market source and a notice of executed first supplemental indenture on Thursday.
Wellfleet CLO 2016-1, Ltd./Wellfleet CLO 2016-1 LLC priced $260 million of class A-R senior secured floating-rate notes at Libor plus 91 basis points; $44 million of class B-R senior secured floating-rate notes at Libor plus 150 bps; $24 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 200 bps; $20 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 290 bps; $20 million of class E-R junior secured deferrable floating-rate notes at Libor plus 580 bps; and an additional $2,812,500 of subordinated notes.
Morgan Stanley & Co. LLC arranged the offering.
Wellfleet Credit Partners will continue to manage the CLO.
The original $358.5 million Wellfleet CLO 2016-1 transaction priced March 11, 2016 and sold $2 million of class X floating-rate notes at Libor plus 100 bps; $227.5 million of class A floating-rate notes at Libor plus 175 bps; $38.5 million of class B floating-rate notes at Libor plus 265 bps; $21 million of class C floating-rate notes at Libor plus 365 bps; $17.5 million of class D floating-rate notes at Libor plus 557 bps; $17.5 million of class E floating-rate notes at Libor plus 858 bps and $34.5 million of subordinated notes.
Proceed were used to redeem the original notes.
The deal is collateralized primarily by first-lien senior secured loans.
Greenwich, Conn.-based Wellfleet Credit Partners is a performing credit arm created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2016-1, Ltd./Wellfleet CLO 2016-1 LLC
|
| Amount: | $370,812,000 refinancing
|
| Maturity: | April 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Settlement date: | May 10
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $260 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 91 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $2,812,500
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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