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Wellfleet Credit Partners Completes Eighth CLO Offering

Represents Second CLO Issuance in 2018

Brings Assets Under Management to $3.5 Billion

 

GREENWICH, CT – October 3, 2018 – Wellfleet Credit Partners (“Wellfleet”), the performing credit business of Littlejohn & Co., LLC, today announced the closing of Wellfleet CLO 2018-2, a $508.6 million collateralized loan obligation (CLO).  Wellfleet CLO 2018-2 closed on September 27, 2018.  Following the issuance of Wellfleet CLO 2018-2, Wellfleet has approximately $3.5 billion in assets under management.

Wellfleet CLO 2018-2 represents Wellfleet’s second new issue of the year and eighth CLO issuance since its initial CLO offering in 2015.

Wellfleet CLO 2018-2 is backed by a diversified portfolio of broadly syndicated senior secured loans.  Five classes of notes rated Aaa through Ba3 by Moody’s and one class of notes rated AAA by Fitch, totaling $460.0 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

($ in Millions)

  Ratings (Moody’s/Fitch)   Coupon
A-1 $325.0 Aaa/AAA             L+120
A-2 54.0 Aa2/NR             L+180
B 24.0 A2/NR             L+235
C 32.0 Baa3/NR             L+320
D 25.0 Ba3/NR             L+607
Subordinated 48.6 Not Rated
     Total   $508.6

 

Citigroup Global Markets 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.  With over $7 billion under management, 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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