Wellfleet prints manager’s third deal of year; Bardin Hill sells $461.38 million CLO

By Cristal Cody

Tupelo, Miss., Dec. 21 – Wellfleet Credit Partners, LLC announced on Friday that it closed on its ninth CLO offering since the management firm was created in 2015.

Wellfleet priced $407.5 million of notes in the transaction.

In other supply, Bardin Hill Investment Partners LP, formerly known as Halcyon Capital Management LP, sold $461.38 million of notes due Jan. 22, 2031 in the Halcyon Loan Advisors Funding 2018-2 Ltd./Halcyon Loan Advisors Funding 2018-2 LLC deal, a source said. Final pricing details were not immediately available.

BNP Paribas Securities Corp. was the placement agent.

Halcyon Loan Advisors 2018-2 LLC is the CLO manager.

Nearly $120 billion of new issue CLOs have priced in 2018, according to market sources.

Wellfleet prices CLO

Wellfleet Credit Partners sold $407.5 million of notes due Jan. 20, 2032 in the offering, according to a company news release and market source on Friday.

In the senior tranche, Wellfleet CLO 2018-3, Ltd./Wellfleet CLO 2018-3 LLC priced $248 million of class A-1A senior secured floating-rate notes at Libor plus 125 basis points.

BofA Merrill Lynch arranged the offering.

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.

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