By Cristal Cody
Tupelo, Miss., Dec. 4 – Credit Suisse Asset Management, LLC issued $399.06 million of notes due Jan. 19, 2034 in the manager’s third new broadly syndicated collateralized loan obligation offering this year, according to market sources.
Madison Park Funding XLVII Ltd./Madison Park Funding XLVII LLC priced $240 million of class A floating-rate notes at Libor plus 137 basis points and $64 million of class B floating-rate notes at Libor plus 185 bps.
The CLO also sold $24 million of class C deferrable floating-rate notes at Libor plus 255 bps, $23 million of class D deferrable floating-rate notes at Libor plus 400 bps, $13 million of class E deferrable floating-rate notes at Libor plus 746 bps and $35.06 million of subordinated notes.
MUFG was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by first-lien senior secured loans.
The manager has priced three new dollar-denominated CLOs in 2020.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XLVII Ltd./Madison Park Funding XLVII LLC
|
| Amount: | $399.06 million
|
| Maturity: | Jan. 19, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Two years
|
| Settlement date: | Dec. 3
|
|
|
| Class A notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $64 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 746 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.06 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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