By Cristal Cody
Tupelo, Miss., Dec. 7 – Credit Suisse Asset Management, LLC placed $609.75 million of notes in a broadly syndicated collateralized loan obligation transaction, according to a market source.
Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC priced $387 million of class A-1 floating-rate notes at Libor plus 152 basis points and $68.8 million of class A-2 floating-rate notes at Libor plus 230 bps in the senior tranches.
The CLO also sold $16 million of class B-1 floating-rate notes at Libor plus 315 bps; $14.2 million of 4.57% class B-2 fixed-rate notes; $37.4 million of class C floating-rate notes at Libor plus 385 bps; $28.5 million of class D floating-rate notes at Libor plus 645 bps; $12.1 million of class E floating-rate notes at Libor plus 765 bps and $45.75 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Credit Suisse Asset Management will manage the CLO.
The firm has priced four U.S. CLO deals and refinanced one vintage CLO transaction year to date.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC
|
| Amount: | $609.75 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Pricing date: | Dec. 2
|
|
|
| Class A-1 notes
|
| Amount: | $387 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
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| Amount: | $68.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-1 notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class B-2 notes
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| Amount: | $14.2 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.57%
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $37.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
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| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 645 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E notes
|
| Amount: | $12.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 765 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $45.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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