By Cristal Cody
Tupelo, Miss., March 9 – Wellfleet Credit Partners, LLC priced $418 million of notes in a refinancing of two tranches from a vintage 2017 collateralized loan obligation offering, according to a notice of revised proposed first supplemental indenture on Friday.
Wellfleet CLO 2017-2, Ltd./Wellfleet CLO 2017-2 LLC sold $354.75 million of class A-1-R senior secured floating-rate notes at Libor plus 106 basis points and $63.25 million of class A-2-R senior secured floating-rate notes at Libor plus 162 bps.
MUFG was the refinancing placement agent.
Wellfleet Credit Partners will continue to manage the CLO.
The refinanced notes are non-callable to but excluding March 10, 2021.
In the original $557 million offering of notes due Oct. 20, 2029 that was issued Sept. 26, 2017, the CLO sold $354.75 million of class A-1 floating-rate notes at Libor plus 125 bps and $63.25 million of class A-2 floating-rate notes at Libor plus 175 bps.
The deal also had included $27.5 million of class B floating-rate notes at Libor plus 230 bps; $35.75 million of class C floating-rate notes at Libor plus 340 bps; $24.75 million of class D floating-rate notes at Libor plus 675 bps and $51 million of subordinated notes.
Proceeds will be used to redeem the original class A-1 and class A-2 notes.
The CLO 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 2017-2, Ltd./Wellfleet CLO 2017-2 LLC
|
| Amount: | $418 million refinancing
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | MUFG
|
| Manager: | Wellfleet Credit Partners, LLC
|
| Call feature: | To but excluding March 10, 2021
|
| Settlement date: | March 10
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $354.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
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| Amount: | $63.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 162 bps
|
| Ratings: | Moody’s: Aaa expected
|
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