Chicago, Aug. 3 – Credit Suisse Asset Management LLC sold $508.6 million in a collateralized loan obligation being issued by Madison Park Funding LI Ltd./Madison Park Funding LI LLC, according to a pre-sale report.
The notes will mature on July 19, 2034.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes at Libor plus 110 basis points, $7.5 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps, $72.5 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 305 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 627 bps and $48.6 million of subordinated notes.
Credit Suisse Asset Management LLC. will manage the collateral through the end of the reinvestment period on July 19, 2026.
The notes can be called starting July 19, 2023.
BofA Securities Inc. was the placement agent.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding LI Ltd./Madison Park Funding LI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.6 million
|
| Maturity: | July 19, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Credit Suisse Asset Management LLC
|
| Call feature: | July 19, 2023
|
| Settlement date: | June 28
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $7.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $72.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 627 bps
|
|
|
| Subordinated notes
|
| Amount: | $48.6 million
|
| Securities: | Subordinated notes
|
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