Wellfleet prices $396 million CLO; CBAM prices €300.74 million; Crescent refinances

By Cristal Cody

Tupelo, Miss., Aug. 19 – In new pricing activity, Wellfleet Credit Partners, LLC sold $396 million of notes in the manager’s second new broadly syndicated CLO deal of the year.

Meanwhile, CBAM CLO Management Europe, LLC issued a €300.74 million broadly syndicated CLO on Wednesday.

More than €13 billion of euro-denominated CLOs have priced year to date, while dollar-denominated supply totals about $45 billion year to date, according to market sources.

In other activity, Crescent Capital Group LP repriced $32.5 million of notes from a 2018 CLO as refinancing activity in fixed-rate tranches has picked up in August.

Other CLO managers that have repriced notes in August include CBAM CLO Management LLC, MJX Asset Management LLC, Apex Credit Partners LLC, Invesco Senior Secured Management, Inc., Fortress Investment Group LLC affiliate FCOD CLO Management LLC and MJX Asset Management LLC.

CLO refinancing volume totals about $26 billion year to date.

Wellfleet CLO 2020-2 prints

Wellfleet Credit Partners priced $396 million of notes due July 15, 2031 in the CLO offering, according to a market source.

Wellfleet CLO 2020-2, Ltd./Wellfleet CLO 2020-2, LLC sold $240 million of class A floating-rate notes at Libor plus 185 basis points in the AAA-rated tranche.

Credit Suisse Securities (USA) LLC was the placement agent.

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

The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.

CBAM issues Montmartre CLO

CBAM CLO Management Europe issued €300.74 million of notes due July 15, 2033 in its transaction on Wednesday, according to market sources.

Montmartre Euro CLO 2020-2 DAC sold €180 million of the class A floating-rate notes at Euribor plus 159 bps.

Barclays was the placement agent.

The offering is collateralized primarily by senior secured leveraged loans and bonds.

CBAM CLO Management Europe is a subsidiary of New York City-based asset management firm CBAM Partners, LLC.

Crescent Capital reprices

Crescent Capital Group refinanced $32.5 million of notes from the Atlas Senior Loan Fund XI, Ltd./Atlas Senior Loan Fund XI, LLC transaction, according to market sources.

The CLO priced class A-1F-R senior secured fixed-rate notes at a 2.06% coupon.

Jefferies LLC was the refinancing agent.

The CLO originally issued $32.5 million of the notes on June 28, 2018 at a 4.074% coupon.

The notes are due July 28, 2031.

The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.

The alternative asset management firm is based in Los Angeles.

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