By Cristal Cody
Tupelo, Miss., Dec. 12 – Credit Suisse Asset Management, LLC closed Wednesday on an $816.7 million offering of notes due Jan. 23, 2031 in the Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC collateralized loan obligation transaction, according to a market source.
The CLO sold $3 million of class X floating-rate notes at Libor plus 60 basis points, $456 million of class A-1 floating-rate notes at Libor plus 116 bps, $45 million of class A-2A floating-rate notes at Libor plus 150 bps, $15 million of 4.55% class A-2B fixed-rate notes and $88 million of class B floating-rate notes at Libor plus 170 bps.
The CLO also priced $48 million of class C deferrable floating-rate notes at Libor plus 215 bps, $50 million of class D deferrable floating-rate notes at Libor plus 300 bps, $30 million of class E deferrable floating-rate notes at Libor plus 560 bps and $81.7 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized primarily by broadly syndicated senior secured loans.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC
|
| Amount: | $816.7 million
|
| Maturity: | Jan. 23, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: BofA Merrill Lynch
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 8
|
| Settlement date: | Dec. 12
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $456 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2B notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.55%
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $88 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $48 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $50 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $81.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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