Chicago, March 29 – Credit Suisse Asset Management, LLC refinanced for $799.2 million the collateralized loan obligation issued by Madison Park Funding XXXVI, Ltd., according to multiple notices.
The notes will mature on April 16, 2035 and Jan. 17, 2050 for the subordinated notes.
The CLO now consists of $2 million of class X senior floating-rate notes at SOFR plus 105 basis points, $504 million of class A-1-R senior floating-rate notes at SOFR plus 135 bps, $5.5 million of class A-2-R senior floating-rate notes at SOFR plus 160 bps, $68.5 million of class B-1-R senior floating-rate notes at SOFR plus 190 bps, $30 million of class B-2-R 3.47% senior fixed-rate notes, $32 million of class C-1-R deferrable mezzanine floating-rate notes at SOFR plus 240 bps, $16 million of class C-2-R deferrable mezzanine floating-rate notes at SOFR plus 290 bps, $40 million of class D-1-R deferrable mezzanine floating-rate notes at SOFR plus 350 bps, $16 million of class D-2-R deferrable mezzanine floating-rate notes at SOFR plus 546 bps, $24 million of class E-R deferrable mezzanine floating-rate notes at SOFR plus 705 bps and $61.2 million of subordinated notes.
Originally, the CLO had $496 million of class A floating-rate notes at Libor plus 133 bps, $66.95 million of class B-1 floating-rate notes at Libor plus 185 bps and $45.05 million of 3.467% class B-2 fixed-rate notes.
Madison Park Funding XXXVI also initially priced $48 million of class C deferrable floating-rate notes at Libor plus 260 bps, $48 million of class D deferrable floating-rate notes at Libor plus 375 bps, $32 million of class E deferrable floating-rate notes at Libor plus 725 bps and $61.2 million of subordinated notes.
Credit Suisse Asset Management, LLC will manage the collateral through the end of the 5.1-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
BofA Securities, Inc. was the placement agent.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XXXVI, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $799.2 million
|
| Maturity: | April 16, 2035 and Jan. 17, 2050 for the subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Settlement date: | March 18
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 105 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1-R notes
|
| Amount: | $504 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 135 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $5.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $68.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2-R notes
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| Amount: | $30 million
|
| Securities: | Senior fixed-rate notes
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| Coupon: | 3.47%
|
| Rating: | Fitch: AA
|
|
|
| Class C-1-R notes
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| Amount: | $32 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | Fitch: A+
|
|
|
| Class C-2-R notes
|
| Amount: | $16 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-1-R notes
|
| Amount: | $40 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | Fitch: BBB+
|
|
|
| Class D-2-R notes
|
| Amount: | $16 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 546 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
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| Amount: | $24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 705 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $61.2 million
|
| Securities: | Subordinated notes
|
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