By Rebecca Melvin
New York, May 1 – Credit Suisse Asset Management, LLC priced $813,605,000 of notes due July 21, 2027 in a collateralized loan obligation transaction, according to a market source.
Madison Park Funding XVII Ltd./Madison Park Funding XVII LLC sold $200 million of class A-1 senior secured floating-rate notes at Libor plus 145 basis points; $200 million of class A-2 senior secured floating-rate notes at Libor plus 145 bps; $109.35 million of class A-3 senior secured floating-rate notes at Libor plus 145 bps; $93.3 million of class B senior secured deferrable floating-rate notes at Libor plus 200 bps; $46.65 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps; $49.3 million of class D senior secured deferrable floating-rate notes at Libor plus 345 bps; $38.7 million of class E deferrable floating-rate notes at Libor plus 545 bps; $14 million of class F deferrable floating-rate notes at Libor plus 640 bps and $62.31 million of subordinated notes.
Wells Fargo Securities LLC was the arranger.
Credit Suisse Asset Management will manage the CLO, which is non-callable for 1.7 years and has a reinvestment period of 4.2 years until July 2019.
The CLO is backed primarily by senior secured loans and eligible investments, with second-lien loans accounting for about 3.5% of the portfolio.
Previously, Credit Suisse Asset Management sold the $615.03 million Madison Park Funding XVI CLO in February, and it brought four CLO deals in 2014, including the $1 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 XVII Ltd./Madison Park Funding XVII LLC
|
| Amount: | $813,605,000
|
| Maturity: | July 21, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Arranger: | Wells Fargo Securities LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | 1.7 years
|
| Reinvestment period: | 4.2 years until July 2019
|
| Pricing date: | April 30
|
| Settlement date: | May 21
|
|
|
| Class A-1 notes
|
| Amount: | $200 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $200 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-3 notes
|
| Amount: | $109.35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $93.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Not-rated
|
|
|
| Class C notes
|
| Amount: | $46.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Not-rated
|
|
|
| Class D notes
|
| Amount: | $49.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Not rated
|
|
|
| Class E notes
|
| Amount: | $38.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | Not rated
|
|
|
| Class F notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | Not-rated
|
|
|
| Equity tranche
|
| Amount: | $62.31 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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