Chicago, March 10 – Wellfleet Credit Partners, LLC priced a new $406.54 million collateralized loan obligation with Wellfleet CLO 2021-1 Ltd./Wellfleet CLO 2021-1 LLC listed as issuers, according to a pre-sale report.
The portfolio, due April 20, 2034, consists of $240 million of class A-1 senior floating-rate notes at Libor plus 122 basis points, $12 million of class A-2 senior floating-rate notes at Libor plus 140 bps and $52 million of class B senior floating-rate notes at Libor plus 155 bps.
Lower in the stack are $24 million of class C senior deferrable floating-rate notes at Libor plus 215 bps, $24 million of class D senior deferrable floating-rate notes at Libor plus 350 bps, $14 million of class E senior deferrable floating-rate notes at Libor plus 661 bps and $40.54 million of subordinated notes.
Citigroup Global Markets Inc. is the initial purchaser of the notes.
Wellfleet Credit Partners will manage the collateral during the reinvestment period which ends April 20, 2026.
Collateral for the notes is primarily in the form of senior secured loans, cash and eligible investments with most borrowers based in the United States.
The notes can be called after March 26, 2023.
The Greenwich, Conn.-based performing credit arm was created in 2015 by private investment firm Littlejohn & Co., LLC.
| Issuer: | Wellfleet CLO 2021-1 Ltd./Wellfleet CLO 2021-1 LLC
|
| Amount: | $406.54 million
|
| Maturity: | April 20, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Wellfleet Credit Partners LLC
|
| Call: | March 26, 2023
|
| Pricing date: | March 9
|
| Settlement date: | March 26
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aaa
|
| S&P: NR
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior Deferrable floating-rate notes
|
| Coupon: | Libor plus 661 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.54 million
|
| Securities: | Subordinated notes
|
|
|
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