By Cristal Cody
Eureka Springs, Ark., July 26 – Credit Suisse Asset Management, LLC sold $814.25 million of notes in the Madison Park Funding XXI Ltd. transaction, according to a market source.
The CLO sold $516 million of class A-1 floating-rate notes at Libor plus 153 basis points and $84 million of class A-2 floating-rate notes at Libor plus 200 bps.
The CLO also priced $66.7 million of class B floating-rate notes at Libor plus 275 bps; $40 million of class C floating-rate notes at Libor plus 400 bps; $29.3 million of class D floating-rate notes at Libor plus 725 bps and $78.25 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Credit Suisse Asset Management will manage the CLO.
The firm has priced two U.S. CLOs year to date.
Credit Suisse Asset Management, a unit of Credit Suisse Group AG, placed four U.S. CLO deals and refinanced one vintage CLO transaction in 2015.
| Issuer: | Madison Park Funding XXI Ltd./Madison Park Funding XXI LLC
|
| Amount: | $814.25 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Pricing date: | July 15
|
|
|
| Class A-1 notes
|
| Amount: | $516 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $84 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $66.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $29.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $78.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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