GREENWICH, Conn.--(BUSINESS WIRE)--Wellfleet Credit Partners announced today the closing of a $409.0 million collateralized loan obligation, referred to as “Wellfleet CLO 2017-3.” Wellfleet CLO 2017-3 represents the sixth CLO issuance for Wellfleet, the performing credit business of Littlejohn & Co., LLC, a private investment firm.

After forming the platform in 2015, Wellfleet has been a repeat issuer of new CLO vehicles with one CLO priced in 2015, two priced in 2016, and three priced in 2017. Following the issuance of CLO 2017-3, Wellfleet has $2.5 billion in assets under management.

Scott McKay, a Portfolio Manager at Wellfleet, commented, “We are grateful to our investors, both existing and new, for the strong execution on this transaction and for supporting the growth of the platform.” Dennis Talley, a Portfolio Manager at Wellfleet, added, “We finished 2017 with strong momentum and look forward to continuing to expand our proven CLO platform in the coming year.”

The CLO will be 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 $368.0 million were placed. In addition to several non-affiliated investors, Littlejohn funds, as well as its partners, invested in the CLO. The CLO vehicle will have a two-year non-call and a five-year reinvestment period with a final maturity of 13 years. Wellfleet will retain equity through a majority-owned affiliate in order to comply with U.S. risk retention requirements.

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 $6 billion under management, the Firm seeks to create long-term value for its investors and build sustainable success for its portfolio companies through a disciplined approach to engineering change. For more information about Littlejohn, visit http://www.littlejohnllc.com.