Madison Park Funding X gets needed consents, redeems secured notes

By Angela McDaniels

Tacoma, Wash., Oct. 28 – Madison Park Funding X, Ltd. and Madison Park Funding X, LLC received enough consents to amend the indenture governing their notes, according to a notice from trustee Wells Fargo Bank, NA.

The issuers solicited consents until 5 p.m. ET on Oct. 18, and the supplemental indenture was executed on Oct. 27.

The changes in the supplemental indenture were needed in order for the issuers to complete a refinancing.

On Oct. 27, the issuers redeemed their secured notes at 100% of the outstanding amount plus accrued interest to the redemption date.

They used proceeds from $488.25 million of class A-R notes, $88.5 million of class B-R notes, $59.25 million of class C-R notes, $39.5 million of class D-R notes and $37.5 million of class E-R notes.

The issuers called the secured notes at the direction of its subordinated noteholders.

The $85 million subordinated notes were not redeemed on the redemption date. The supplemental indenture required written consent of 100% of the holders of subordinated notes.

Each purchaser of a refinancing replacement note was deemed to have consented to the execution of the supplemental indenture.

Credit Suisse Asset Management, LLC, a unit of Zurich-based Credit Suisse AG, manages the CLO.

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