Chicago, March 13 – Wellington Management CLO Advisors LLC priced $408 million in a collateralized loan obligation being issued by Wellington Management CLO 2 Ltd./Wellington Management CLO 2 LLC, according to a presale report.
The transaction will mature on April 20, 2037.
The CLO consists of $204 million of class A senior secured floating-rate notes at SOFR plus 155 basis points, $50 million of class A senior secured floating-rate loans at SOFR plus 155 bps, $50 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 240 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 390 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 690 bps and $42 million of subordinated notes.
Wellington Management CLO Advisors LLC will manage the collateral through the end of the reinvestment period on April 20, 2037.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The CLO can be called starting April 20, 2026.
Morgan Stanley & Co. LLC was the placement agent.
Wellington is an investment adviser based in Boston.
| Issuer: | Wellington Management CLO 2 Ltd./Wellington Management CLO 2 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $408 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Wellington Management CLO Advisors LLC
|
| Call feature: | April 20, 2026
|
| Pricing date: | March 6
|
| Settlement date: | March 20
|
|
|
| Class A notes
|
| Amount: | $204 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 690 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42 million
|
| Securities: | Subordinated notes
|
|
|
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