By Cristal Cody
Tupelo, Miss., June 3 – Credit Suisse Asset Management, LLC priced $596.65 million of notes due July 15, 2032 in the Madison Park Funding XXXVII Ltd./Madison Park Funding XXXVII LLC collateralized loan obligation transaction, according to a market source.
The CLO sold $375 million of class A-1 floating-rate notes at Libor plus 130 basis points; $15 million of class A-2 floating-rate notes at Libor plus 165 bps; $42 million of class B-1 floating-rate notes at Libor plus 170 bps; $15 million of 3.917% class B-2 fixed-rate notes; $36 million of class C floating-rate notes at Libor plus 240 bps; $36 million of class D floating-rate notes at Libor plus 350 bps; $21 million of class E floating-rate notes at Libor plus 655 bps and $50.65 million of subordinated notes.
Wells Fargo Securities, LLC 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 first-lien senior secured loans.
The CLO manager has priced three 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 XXXV Ltd./Madison Park Funding XXXV LLC
|
| Amount: | $596.65 million
|
| Maturity: | July 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | May 24
|
| Settlement date: | July 2
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $375 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.917%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 655 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $50.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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