By Cristal Cody
Tupelo, Miss., May 17 – Credit Suisse Asset Management, LLC priced $486 million of notes due Jan. 24, 2028 in a second refinancing of a 2015 broadly syndicated collateralized loan obligation transaction, according to a market source and a notice of executed third supplemental indenture on Thursday.
Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC priced $396 million of class A-1-R floating-rate notes at Libor plus 125 basis points, $59.8 million of class A-2-R floating-rate notes at Libor plus 175 bps, $16 million of class B-1-R floating-rate notes at Libor plus 230 bps and $14.2 million of class B-2-R floating-rate notes at Libor plus 230 bps.
MUFG was the refinancing placement agent.
Credit Suisse Asset Management will continue to manage the CLO.
The refinanced CLO has an extended non-call period to but excluding Feb. 28, 2020. The CLO also has an extended two-year reinvestment period.
Madison Park Funding XIX was first partially refinanced on March 2, 2018.
In the original $609.75 million deal issued Dec. 29, 2015, the CLO sold $387 million of class A-1 floating-rate notes at Libor plus 152 bps; $68.8 million of class A-2 floating-rate notes at Libor plus 230 bps; $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.
Proceeds were used to redeem the outstanding notes.
The CLO manager has priced two new dollar-denominated 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: | $486 million refinancing
|
| Maturity: | Jan. 24, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | MUFG
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | To but excluding Feb. 28, 2020
|
| Pricing date: | May 7
|
| Settlement date: | May 16
|
|
|
| Class A-1-R notes
|
| Amount: | $396 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $59.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-1-R notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class B-2-R notes
|
| Amount: | $14.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: A2
|
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