By Cristal Cody
Tupelo, Miss., May 10 – Credit Suisse Asset Management, LLC priced $801.25 million of notes due April 20, 2031 in the Madison Park Funding XXXV Ltd./Madison Park Funding XXXV LLC collateralized loan obligation transaction, according to a market source.
The CLO sold $480 million of class A-1 floating-rate notes (AAA/AAA) at Libor plus 133 basis points; $30.5 million of class A-2A floating-rate notes (/non-rated/AAA) at Libor plus 165 bps; $5.5 million of 4.06% class A-2B fixed-rate notes (/non-rated/AAA); $80 million of class B floating-rate notes (AA) at Libor plus 185 bps; $56 million of class C deferrable floating-rate notes (A) at Libor plus 155 bps; $44 million of class D deferrable floating-rate notes (BBB-) at Libor plus 360 bps; $30.25 million of class E deferrable floating-rate notes (BB-) at Libor plus 675 bps and $75 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.
The CLO manager has priced two new dollar-denominated deals year to date.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XXXV Ltd./Madison Park Funding XXXV LLC
|
| Amount: | $801.25 million
|
| Maturity: | April 20, 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: | April 25
|
| Settlement date: | May 30
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $480 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $30.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2B notes
|
| Amount: | $5.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.06%
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $80 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $56 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $44 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $30.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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