Chicago, June 11 – Credit Suisse Asset Management, LLC sold $607 million in a collateralized loan obligation offering issued by Madison Park Funding XXXVIII Ltd./Madison Park Funding XXXVIII LLC, according to a pre-sale report.
The notes mature July 17, 2034.
The CLO has $3.5 million of class X senior secured floating-rate notes at Libor plus 95 basis points, $376.5 million of class A senior secured floating-rate notes at Libor plus 112 bps and $79.5 million of class B senior secured floating-rate notes at Libor plus 165 bps.
In the deferrable classes, there are $36 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 290 bps and $21 million of class E senior secured deferrable floating-rate notes at Libor plus 600 bps.
Also, there are $54.5 million of subordinated notes.
The collateral pool for the notes will mostly come from senior secured loans, cash and eligible investments with at least 80% of the borrowers based in the United States or Canada.
Credit Suisse Asset will select and manage the collateral through the end of the reinvestment period on July 17, 2026.
The notes can be called starting June 17, 2023.
Nomura Securities International Inc. is the placement agent.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuers: | Madison Park Funding XXXVIII Ltd./Madison Park Funding XXXVIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $607 million
|
| Maturity: | July 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | June 17, 2023
|
| Settlement date: | June 17
|
|
|
| Class X notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $376.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $79.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $54.5 million
|
| Securities: | Subordinated notes
|
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