By Cristal Cody
Tupelo, Miss., Dec. 10 – Credit Suisse Asset Management, LLC priced $797.2 million of notes due Jan. 15, 2033 in the new issue Madison Park Funding XXXVI Ltd./Madison Park Funding XXXVI LLC collateralized loan obligation transaction, according to a market source.
The CLO sold $496 million of class A floating-rate notes at Libor plus 133 basis points, $66.95 million of class B-1 floating-rate notes at Libor plus 185 bps and $45.05 million of 3.467% class B-2 fixed-rate notes.
Madison Park Funding XXXVI also priced $48 million of class C deferrable floating-rate notes at Libor plus 260 bps, $48 million of class D deferrable floating-rate notes at Libor plus 375 bps, $32 million of class E deferrable floating-rate notes at Libor plus 725 bps and $61.2 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XXXVI Ltd./Madison Park Funding XXXVI LLC
|
| Amount: | $797.2 million
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 27
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $496 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $66.95 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $45.05 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.467%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $48 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $48 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $61.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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