Chicago, Oct. 30 – Credit Suisse Asset Management, LLC sold $399.06 million of notes due January 2034 in a collateralized loan obligation in five parts plus a subordinated notes class, according to a presale report.
The transaction, being issued by Madison Park Funding XLVII, Ltd./Madison Park Funding XLVII, LLC consists of:
• $240 million of class A floating-rate notes at Libor plus 137 basis points:
• $64 million of class B floating-rate notes at Libor plus 185 basis points:
• $24 million of class C floating-rate notes at Libor plus 255 basis points:
• $23 million of class D floating-rate notes at Libor plus 400 basis points:
• $13 million of class E floating-rate notes at Libor plus 746 basis points: and
• $35.06 million of subordinated notes.
The notes feature a non-call period that ends in January 2023.
The reinvestment period for the notes ends in January 2026.
MUFG Securities Americas Inc. is the underwriter.
The notes are backed by a portfolio of non-investment-grade broadly syndicated loans and other assets purchased in the primary and secondary markets.
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: | January 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG Securities Americas Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | January 2023
|
| Pricing date: | Oct. 30
|
| Settlement date: | December 2020
|
|
|
| Class A notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $64 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
|
|
| Class D notes
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| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 746 bps
|
|
|
| Equity
|
| Amount: | $35.06 million
|
| Securities: | Subordinated notes
|
|
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