By Cristal Cody
Tupelo, Miss., Dec. 21 – Wellfleet Credit Partners, LLC closed on $407.5 million of notes due Jan. 20, 2032 in a new collateralized loan obligation offering, according to a company news release and market source on Friday.
Wellfleet CLO 2018-3, Ltd./Wellfleet CLO 2018-3 LLC sold $248 million of class A-1A senior secured floating-rate notes at Libor plus 125 basis points, $12 million of class A-1B senior secured floating-rate notes at Libor plus 155 bps and $44 million of class A-2 senior secured floating-rate notes at Libor plus 185 bps.
The CLO also priced $18.8 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 230 bps, $25.2 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 315 bps, $20 million of class D junior secured deferrable floating-rate notes at Libor plus 625 bps and $39.5 million of subordinated notes.
BofA Merrill Lynch arranged the offering.
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 has priced three CLOs in 2018 and also priced three deals in 2017.
The company has brought nine CLOs to the primary market since its first offering in 2015.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2018-3, Ltd./Wellfleet CLO 2018-3 LLC
|
| Amount: | $407.5 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $18.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: Aa3
|
|
|
| Class C notes
|
| Amount: | $25.2 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $39.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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