Credit Suisse Asset Management to reprice $814.25 million Madison Park Funding XXI CLO

By Cristal Cody

Tupelo, Miss., Oct. 25 – Credit Suisse Asset Management, LLC plans to refinance notes from the $814.25 million 2016 vintage Madison Park Funding XXI Ltd. collateralized loan obligation transaction, according to a notice of proposed amended and restated indenture on Friday.

The Rule 144A and Regulation S CLO includes class X floating-rate notes, class A-1a-R floating-rate notes, class A-1b-R floating-rate notes, class A-2-R floating-rate notes, class B-R deferrable floating-rate notes, class C-R deferrable floating-rate notes, class D-R deferrable floating-rate notes and subordinated notes.

Citigroup Global Markets Inc. is the refinancing placement agent.

Credit Suisse Asset Management will continue to manage the CLO.

The original $814.25 million offering of notes due July 25, 2029 was priced on July 15, 2016 and issued Aug. 25, 2016.

In that offering, the CLO sold $516 million of class A-1 floating-rate notes at Libor plus 153 basis points; $84 million of class A-2 floating-rate notes at Libor plus 200 bps; $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.

Proceeds from the refinancing will be used to redeem the outstanding notes in November.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

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