NewsItem
Littlejohn & Co. News | 2015
Wellfleet Credit Partners Announces Closing of $360.0 Million Debut CLO
September 24, 2015

 Wellfleet Credit Partners Announces Closing of $360.0 Million Debut CLO

 

GREENWICH, CT, September 24, 2015 - Wellfleet Credit Partners ("Wellfleet") announced today the closing of a $360.0 million collateralized loan obligation ("CLO"), referred to as "Wellfleet CLO 2015-1."  Wellfleet CLO 2015-1 represents the debut CLO issuance for Wellfleet, the performing credit business of Littlejohn & Co., LLC ("Littlejohn"), a private investment firm.

The CLO will be backed by a diversified portfolio of broadly syndicated senior secured loans.  Eight classes of notes rated Aaa through B3 by Moody's and three classes of notes rated AAA by Fitch totaling $331.0 million were placed.  Littlejohn funds, as well as its partners, are investors in the CLO.  The CLO vehicle will have a two-year non-call and a four-year reinvestment period with a final maturity of 12 years.

"Despite a volatile market environment, we are delighted by the strong reception that the CLO received from prominent CLO investors," said Brian Ramsay, President of Littlejohn.   

 

Class

 

Par Size

($ in Millions)

 

Ratings (Moody's/Fitch)

 

Coupon

X

 

2.00

 

Aaa/AAA

 

        3m L+100

A-1

 

215.00

 

Aaa/AAA

 

        3m L+165

A-2

 

9.00

 

Aaa/AAA

 

        3.29%

B

 

43.00

 

Aa2/NR

 

        3m L+250

C

 

20.00

 

A2/NR

 

        5.41%

D

 

19.25

 

Baa3/NR

 

        3m L+450

E

 

15.75

 

Ba3/NR

 

        3m L+635

F

 

7.00

 

B3/NR

 

        3m L+735

Subordinated

 

29.00

 

Not Rated

 

 

     Total

 

$360.00

 

 

 

 

 

Earlier this year, Littlejohn Debt Management formed Wellfleet as a new, dedicated performing credit group to invest in broadly syndicated loans and related fixed income investments.  The Wellfleet team includes a dedicated group of credit analysts and is led by Scott McKay and Dennis Talley.  Richard Maybaum, a Littlejohn Partner, stated "Dennis and Scott have been a great addition to our debt platform as Littlejohn is already seeing the benefits of extending its reach into performing credit.   We are excited about having a performing credit investment product to offer investors."

Morgan Stanley & Co. LLC acted as the arranger for the CLO.  Dechert LLP acted as legal advisor.


 

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 private equity firm investing in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach.  The firm is currently investing from Littlejohn Fund V, L.P., which has $2 billion in capital commitments.  For more information, visit www.littlejohnllc.com.

 

For further information:

Chris Tofalli

Chris Tofalli Public Relations, LLC

914-834-4334