By Cristal Cody
Tupelo, Miss., June 4 – Credit Suisse Asset Management, LLC sold $549.4 million of notes in a new collateralized loan obligation transaction, according to a market source.
One Eleven Funding III Ltd. priced $251 million of class A-1 fixed-rate notes at par to yield 4.25%, $71.5 million of class A-2 fixed-rate notes at par to yield 4.9%, $25 million of class B fixed-rate notes at par to yield 5.8%, $24 million of class C fixed-rate notes at par to yield 6.98% and $177.9 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Credit Suisse Asset Management priced a CLO in the One Eleven Funding series in 2017 and in 2018.
The CLO manager has priced four new dollar-denominated CLOs and refinanced one vintage CLO transaction year to date.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | One Eleven Funding III Ltd.
|
| Amount: | $549.4 million
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Pricing date: | May 24
|
|
|
| Class A-1 notes
|
| Amount: | $251 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.25%
|
| Price: | Par
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class A-2 notes
|
| Amount: | $71.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.9%
|
| Price: | Par
|
| Rating: | Moody’s: Aa3 expected
|
|
|
| Class B notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.8%
|
| Price: | Par
|
| Rating: | Moody’s: A3 expected
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6.98%
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Equity
|
| Amount: | $177.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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