Credit Suisse Asset Management to price upsized $685.8 million CLO

By Cristal Cody

Tupelo, Miss., Dec. 11 – Credit Suisse Asset Management, LLC plans to price an upsized $685.8 million collateralized loan obligation transaction, according to a market source.

The Madison Park Funding XV Ltd./Madison Park Funding XV LLC deal includes $413.2 million of class A-1 senior secured floating-rate notes (Aaa/AAA/); $80.1 million of class A-2 senior secured floating-rate notes (/AA/); $34.7 million of class B-1 senior secured deferrable floating-rate notes (/A/); $20 million of class B-2 senior secured deferrable fixed-rate notes (/A/); $35 million of class C senior secured deferrable floating-rate notes (/BBB/); $40 million of class D senior secured deferrable floating-rate notes (Ba3) and $62.8 million of subordinated notes.

The AAA-rated tranche is talked to price in the Libor plus 150 basis points area.

The deal was upsized from an initial $610 million.

Citigroup Global Markets Inc. is the placement agent.

Credit Suisse Asset Management will manage the CLO, which is collateralized primarily by broadly syndicated senior secured loans.

The notes are due Jan. 27, 2026.

The CLO is non-callable until Jan. 27, 2017. The reinvestment period ends Jan. 27, 2019.

Year to date, Credit Suisse Asset Management has priced three CLO deals, including the $1 billion Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC transaction on July 7.

The firm is a unit of Credit Suisse Group AG.

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