By Cristal Cody
Tupelo, Miss., May 9 - Credit Suisse Asset Management, LLC priced $817,693,000 of notes due July 20, 2026 in the Madison Park Funding XII Ltd./Madison Park Funding XII LLC collateralized loan obligation transaction, according to an informed source on Friday.
The CLO priced $495 million of class A floating-rate notes (Aaa//AAA) at Libor plus 150 basis points, $87 million of class B-1 floating-rate notes (Aa2//) at Libor plus 215 bps and $10 million of class B-2 4.236% fixed-rate notes (Aa2//).
The CLO also priced $52 million of class C floating-rate notes (A2//) at Libor plus 310 bps, $49.6 million of class D floating-rate notes (Baa3//) at Libor plus 350 bps, $48.4 million of class E floating-rate notes (Ba3//) at Libor plus 510 bps, $10 million of class F floating-rate notes (B3//) at Libor plus 565 bps and $65,693,000 of subordinated notes.
Wells Fargo Securities, LLC arranged the transaction.
Credit Suisse Asset Management will manage the CLO, which is backed primarily by broadly syndicated senior secured corporate loans.
The CLO has a two-year non-callable period and a four-year reinvestment period.
Proceeds will be used to purchase assets to reach a target portfolio of about $800 million of primarily leveraged loans.
Credit Suisse Asset Management, a unit of Credit Suisse Group AG, was last in the primary market on Feb. 3 with the $746.04 million Madison Park Funding XIII Ltd./Madison Park Funding XIII LLC deal.
| Issuer: | Madison Park Funding XII Ltd./Madison Park Funding XII LLC
|
| Amount: | $817,693,000
|
| Maturity: | July 20, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | 2016
|
| Pricing date: | May 8
|
| Settlement date: | May 29
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $495 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $87 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.236%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $49.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $48.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Moody's: B3
|
|
|
| Equity tranche
|
| Amount: | $65,693,000
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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