By Cristal Cody
Tupelo, Miss., July 29 – Credit Suisse Asset Management, LLC refinanced $348.75 million of notes due April 22, 2022 at par in a vintage 2012 collateralized loan obligation, according to a market source.
The Madison Park Funding VIII Ltd./Madison Park Funding VIII LLC CLO priced $252.5 million of class A-R senior secured floating-rate notes at Libor plus 125 basis points; $48.5 million of class B-R senior secured floating-rate notes at Libor plus 220 bps; $27.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 280 bps and $20.25 million of class D-R senior secured deferrable floating-rate notes at Libor plus 385 bps.
The $19 million tranche of class E senior secured deferrable notes (/BB/) brought in the original transaction at Libor plus 535 bps and the $45.2 million equity tranche of subordinated notes were not refinanced.
Citigroup Global Markets Inc. was the refinancing agent.
Credit Suisse Asset Management is the CLO manager.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The firm refinanced the notes through an optional redemption on the July 22 payment date and the issuance of new notes.
Credit Suisse Asset Management was in the primary market on July 7 with its third CLO deal of the year, the $1.04 billion Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC transaction. The firm is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding VIII Ltd./Madison Park Funding VIII LLC
|
| Amount: | $348.75 million refinancing
|
| Maturity: | April 22, 2022
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Pricing date: | July 2
|
| Settlement date: | July 22
|
|
|
| Class A-R notes
|
| Amount: | $252.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-R notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D-R notes
|
| Amount: | $20.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: BBB
|
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