Wellfleet Credit Partners prices $404.4 million CLO; CIFC plans $506.6 million deal

By Cristal Cody

Tupelo, Miss., Aug. 1 – Wellfleet Credit Partners, LLC priced $404.4 million of notes in the manager’s second new broadly syndicated CLO of the year.

Meanwhile, CIFC Asset Management LLC is planning to price its fifth dollar-denominated CLO transaction of 2019. The CLO manager is offering $506.6 million of notes.

More than $62 billion of broadly syndicated CLOs have priced year to date, according to market sources.

In its deal, Wellfleet Credit Partners priced $404.4 million of notes due July 20, 2032 in the CLO offering, according to a market source.

Wellfleet CLO 2019-1, Ltd. sold $256 million of class A-1 floating-rate notes at Libor plus 134 basis points at the top of the capital stack.

Citigroup Global Markets Inc. was the placement agent.

The deal is collateralized primarily by broadly syndicated first-lien senior secured loans.

Meanwhile, CIFC Asset Management plans to price $506.6 million of notes due Oct. 15, 2032 in the CIFC Funding 2019-V, Ltd. broadly syndicated CLO offering, according to a market source.

The deal includes $322.5 million of class A-1 floating-rate notes (//AAA/), $57.5 million of class A-2 floating-rate notes, $25 million of class B floating-rate notes, $30 million of class C floating-rate notes, $25 million of class D floating-rate notes and $46.6 million of subordinated notes.

BofA Securities Inc. is the placement agent.

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