By Cristal Cody
Tupelo, Miss., July 7 – Credit Suisse Asset Management, LLC sold $398.9 million of notes due July 15, 2031 in the new Madison Park Funding XLV Ltd./Madison Park Funding XLV LLC collateralized loan obligation offering, according to market sources.
The CLO priced $244 million of class A floating-rate notes at Libor plus 165 basis points and $56 million of class B floating-rate notes at Libor plus 215 bps.
Madison Park XLV priced $26 million of class C deferrable floating-rate notes at Libor plus 270 bps, $22 million of class D deferrable floating-rate notes at Libor plus 400 bps, $14 million of class E deferrable floating-rate notes at Libor plus 740 bps and $36.9 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period and is backed primarily by first-lien senior secured loans.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XLV Ltd./Madison Park Funding XLV LLC
|
| Amount: | $398.9 million
|
| Maturity: | July 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | To but excluding Jan. 15, 2022
|
| Pricing date: | June 16
|
| Settlement date: | July 9
|
|
|
| Class A notes
|
| Amount: | $244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 740 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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