By Cristal Cody
Tupelo, Miss., May 20 – Credit Suisse Asset Management, LLC sold $440 million of notes due Aug. 15, 2022 in a refinancing of a vintage 2012 collateralized loan obligation transaction, according to a market source.
Madison Park Funding IX Ltd./Madison Park Funding IX LLC priced $319 million of class A-R floating-rate notes at Libor plus 129 basis points, tighter than where the notes originally priced at Libor plus 147 bps.
The CLO sold $48 million of class B-1R floating-rate notes at Libor plus 187 bps, in from the original Libor plus 270 bps spread.
The $8 million tranche of class B-2R fixed-rate notes was refinanced with a 2.31% coupon. The notes originally priced with a 4.55% coupon.
The CLO sold $14 million of class C-1R floating-rate notes at Libor plus 285 bps, compared to where the notes originally priced at Libor plus 360 bps.
The CLO refinanced the $22 million tranche of class C-2R fixed-rate notes with a 3.18% coupon. The notes first priced with a 6% coupon.
In the last tranche, the CLO refinanced $29 million of class D-R floating-rate notes at Libor plus 385 bps, improved from the original Libor plus 435 bps spread.
Credit Suisse Securities (USA) LLC was the refinancing agent.
Credit Suisse Asset Management is the CLO manager.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Proceeds from the refinancing were used to redeem the original notes.
Credit Suisse Asset Management has priced two CLO deals year to date.
The firm is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding IX Ltd./Madison Park Funding IX LLC
|
| Amount: | $440 million refinancing
|
| Maturity: | Aug. 15, 2022
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| Securities: | Fixed-rate and floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Credit Suisse Asset Management, LLC
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| Pricing date: | May 8
|
| Settlement date: | May 15
|
|
|
| Class A-R notes
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| Amount: | $319 million
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| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 129 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B-1R notes
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| Amount: | $48 million
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| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 187 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2R notes
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| Amount: | $8 million
|
| Securities: | Fixed-rate notes
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| Coupon: | 2.31%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-1R notes
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| Amount: | $14 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C-2R notes
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| Amount: | $22 million
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| Securities: | Fixed-rate notes
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| Coupon: | 3.18%
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| Rating: | Standard & Poor’s: A
|
|
|
| Class D-R notes
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| Amount: | $29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Standard & Poor’s: BBB
|
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