By Cristal Cody
Tupelo, Miss., Oct. 23 – Credit Suisse Asset Management, LLC closed Monday on a $1.03 billion reset and second refinancing of a 2014 vintage collateralized loan obligation transaction, according to a market source and a notice of executed amended and restated indenture on Tuesday.
Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC priced $620 million of class A-1-RR floating-rate notes at Libor plus 115 basis points, $25 million of class A-2-RR floating-rate notes at Libor plus 140 bps and $98.5 million of class B-RR floating-rate notes at Libor plus 170 bps.
The CLO also sold $50 million of class C-RR deferrable floating-rate notes at Libor plus 220 bps; $66.75 million of class D-RR deferrable floating-rate notes at Libor plus 295 bps; $61 million of class E-R deferrable floating-rate notes at Libor plus 580 bps and $9 million of class F-R deferrable floating-rate notes at Libor plus 777 bps. The deal includes the original $103.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the refinancing placement agent.
Credit Suisse Asset Management will continue to manage the CLO.
The maturity was extended to Oct. 22, 2030 from the original July 21, 2026 maturity.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
In the original $1,036,000,000 CLO offering issued Aug. 6, 2014, the CLO sold $5 million of class X floating-rate notes at Libor plus 100 bps; $620 million of class A floating-rate notes at Libor plus 145 bps; $135 million of class B floating-rate notes at Libor plus 215 bps; $52.5 million of class C floating-rate notes at Libor plus 320 bps; $60 million of class D floating-rate notes at Libor plus 360 bps; $53 million of class E floating-rate notes at Libor plus 475 bps and $7 million of class F floating-rate notes at Libor plus 540 bps.
The offering included $103.5 million of subordinated notes.
The CLO was first partially refinanced on April 20, 2017.
Proceeds will be used to redeem the existing notes.
The CLO is collateralized primarily by broadly syndicated senior secured loans.
Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced one new U.S. CLO and refinanced seven vintage U.S. CLOs in 2017.
| Issuer: | Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC
|
| Amount: | $1,033,750,000 refinancing
|
| Maturity: | Oct. 22, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 22
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-RR notes
|
| Amount: | $620 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody’s: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $98.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-RR notes
|
| Amount: | $50 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-RR notes
|
| Amount: | $66.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $61 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-R notes
|
| Amount: | $9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 777 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $103.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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