By Cristal Cody
Tupelo, Miss., Dec. 18 – Credit Suisse Asset Management, LLC priced $15 million of notes due Jan. 23, 2031 in a partial refinancing of the Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC collateralized loan obligation transaction, according to a market source.
The CLO sold $10 million of 1.94% class A-2B-R fixed-rate notes (//AAA) and $5 million of class A-2C-R floating-rate notes (//AAA) at Libor plus 145 basis points.
In the original deal issued on Dec. 12, 2018, the CLO priced $15 million of 4.55% class A-2B fixed-rate notes.
BofA Securities, Inc. was the refinancing agent.
The CLO has a three-year reinvestment period.
The notes are collateralized primarily by broadly syndicated senior secured loans.
Proceeds from the offering were used to redeem the class A-2B fixed-rate notes.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC
|
| Amount: | $15 million refinancing
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| Maturity: | Jan. 23, 2031
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| Securities: | Fixed- and floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | BofA Securities, Inc.
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| Manager: | Credit Suisse Asset Management, LLC
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| Settlement date: | Dec. 18
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-2B-R notes
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| Amount: | $10 million
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| Securities: | Fixed-rate notes
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| Coupon: | 1.94%
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| Ratings: | Fitch: AAA
|
|
|
| Class A-2C-R notes
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| Amount: | $5 million
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| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
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| Ratings: | Fitch: AAA
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