Wellfleet Credit Partners Completes Tenth CLO Offering

Mizuho Securities USA acted as the arranger for the CLO.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Monday, March 18, 2019
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Professional services, Banking, Finance, Finance, Investment banks, Law firms, Mizuho Securities, Money, Littlejohn & Co., Milbank LLP, Security
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United States, Connecticut
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Summary
Key Points: 
  • Mizuho Securities USA acted as the arranger for the CLO.
  • Milbank, Tweed, Hadley & McCloy acted as legal advisor to Wellfleet.
  • This release does not constitute an offer to sell or a solicitation of an offer to buy any such securities.
  • Littlejohn & Co. is a Greenwich, Connecticut-based investment firm focused on private equity and debt investments primarily in middle market companies.


Wellfleet Credit Partners (“Wellfleet”), the performing credit business
of Littlejohn & Co., LLC, today announced the closing of Wellfleet CLO
X, a $314.8 million collateralized loan obligation (CLO). Following the
issuance of Wellfleet CLO X, Wellfleet has approximately $4.2 billion in
assets under management.

Wellfleet CLO X is backed by a diversified portfolio of broadly
syndicated senior secured loans. Six classes of notes rated Aaa through
Ba3 by Moody’s and two classes of notes rated AAA by Fitch, totaling
$286.7 million, were placed. The CLO vehicle will have a two-year
non-call and a five-year reinvestment period with a final maturity of 13
years.

                     
Class     Par Amount     Ratings     Coupon
      ($ in Millions)     (Moody’s/Fitch)      
A-1A     $187.5       Aaa/AAA     L+138
A-1B     12.5       Aaa/AAA     3.99%
A-2     37.5       Aa2/NR     L+200
B     13.9       A2/NR     L+300
C     19.2       Baa3/NR     L+386
D     16.1       Ba3/NR     L+703
Subordinated    

28.1

      Not Rated      
Total     $314.8              
 

Mizuho Securities USA acted as the arranger for the CLO. Milbank, Tweed,
Hadley & McCloy acted as legal advisor to Wellfleet.

The securities offered in the CLO have not been registered under the
Securities Act of 1933, as amended, or any state securities laws, and
may not be offered or sold in the United States absent registration or
pursuant to an exemption from the registration under the Securities Act
and applicable state securities laws. This release does not constitute
an offer to sell or a solicitation of an offer to buy any such
securities.

About Littlejohn & Co., LLC

Littlejohn & Co. is a Greenwich, Connecticut-based investment firm
focused on private equity and debt investments primarily in middle
market companies. The Firm seeks to build sustainable success for its
portfolio companies through a disciplined approach to engineering
change. For more information about Littlejohn, visit http://www.littlejohnllc.com.

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