By Cristal Cody
Eureka Springs, Ark., Dec. 20 – Credit Suisse Asset Management, LLC refinanced $491.28 million of securities due April 20, 2026 in the vintage 2015 Madison Park Funding XVI Ltd. collateralized loan obligation deal, according to a market source.
The CLO priced $220 million of class A-1-RL loans at Libor plus 133 basis points; $147.28 million of class A-1-R floating-rate notes at Libor plus 133 bps; $75 million of class A-2-R floating-rate notes at Libor plus 190 bps and $49 million of class B-R floating-rate notes at Libor plus 265 bps.
Deutsche Bank Securities Inc. was the refinancing agent.
Credit Suisse Asset Management is the CLO manager.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by first-lien senior secured loans.
Credit Suisse Asset Management has priced three U.S. CLOs and refinanced one vintage CLO year to date.
The unit of Credit Suisse Group AG priced four U.S. CLO deals and refinanced one vintage CLO transaction in 2015.
| Issuer: | Madison Park Funding XVI Ltd.
|
| Amount: | $491.28 million refinancing
|
| Maturity: | April 20, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank Securities Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 22
|
|
|
| Class A-1-RL loans
|
| Amount: | $220 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $147.28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: A
|
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