By Cristal Cody
Eureka Springs, Ark., Oct. 28 – Credit Suisse Asset Management, LLC refinanced $713 million of notes in the vintage 2012 Madison Park Funding X Ltd. collateralized loan obligation offering, according to a market source and a notice of executed first supplemental indenture.
The CLO priced $488.25 million of class A-R senior secured floating-rate notes at Libor plus 145 basis points; $88.5 million of class B-R senior secured floating-rate notes at Libor plus 190 bps; $59.25 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 260 bps; $39.5 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 420 bps and $37.5 million of class E-R deferrable mezzanine floating-rate notes at Libor plus 762 bps.
Wells Fargo Securities LLC was the refinancing agent.
Credit Suisse Asset Management will continue to manage the CLO.
The maturity on the refinanced notes was extended to Jan. 20, 2029 from the original Jan. 20, 2025 due date.
Proceeds were used to redeem the original notes.
Credit Suisse Asset Management has priced three U.S. CLOs and refinanced one existing 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 X Ltd.
|
| Amount: | $713 million refinancing
|
| Maturity: | Jan. 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Refinancing date: | Oct. 27
|
|
|
| Class A-R notes
|
| Amount: | $488.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $88.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA+
|
|
|
| Class C-R notes
|
| Amount: | $59.25 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A+
|
|
|
| Class D-R notes
|
| Amount: | $39.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class E-R notes
|
| Amount: | $37.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 762 bps
|
| Rating: | S&P: BB
|
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