By Cristal Cody
Tupelo, Miss., March 9 – Credit Suisse Asset Management, LLC refinanced $627.49 million of fixed-and floating-rate notes due Jan. 20, 2025 in the vintage 2014 Madison Park Funding XIII Ltd. collateralized loan obligation deal, according to a market source.
The CLO priced $449.49 million of class A-R floating-rate notes at Libor plus 111 basis points; $71.25 million of class B-1-R floating-rate notes at Libor plus 155 bps, $28.75 million of 3.3% class B-2-R fixed-rate notes; $32.75 million of class C-R floating-rate notes at Libor plus 215 bps and $45.25 million of class D-R floating-rate notes at Libor plus 327 bps.
Deutsche Bank Securities Inc. was the refinancing agent.
Credit Suisse Asset Management will continue to manage the CLO.
Proceeds were used to redeem the original notes on Thursday.
Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced three U.S. CLOs and refinanced one vintage CLO in 2016.
| Issuer: | Madison Park Funding XIII Ltd.
|
| Amount: | $627.49 million refinancing
|
| Maturity: | Jan. 20, 2025
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank Securities Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Refinancing date: | Feb. 24
|
| Settlement date: | March 9
|
|
|
| Class A-R notes
|
| Amount: | $449.49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $71.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2-R notes
|
| Amount: | $28.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.3%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $32.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $45.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 327 bps
|
| Rating: | Moody’s: Baa3 expected
|
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