Chicago, Sept. 21 – Credit Suisse Asset Management LLC priced $397.1 million in a collateralized loan obligation being issued by Madison Park Funding LIV Ltd./Madison Park Funding LIV LLC, according to a presale report.
The notes will mature on Oct. 21, 2035.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 185 basis points, $10 million of class A-2 senior secured floating-rate notes at SOFR plus 225 bps, $44 million of class B-1 senior secured floating-rate notes at SOFR plus 275 bps, $8 million of class B-2 6% senior secured fixed-rate notes, $20 million of class C senior secured deferrable floating-rate notes at SOFR plus 350 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 475 bps, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 775 bps and $38.1 million of subordinated notes.
Credit Suisse Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 21, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 21, 2024.
Credit Suisse Securities (USA) LLC was the placement agent.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
Issuer: | Madison Park Funding LIV Ltd./Madison Park Funding LIV LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $397.1 million
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Maturity: | Oct. 21, 2035
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Structure: | Cash flow CLO
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Placement agent: | Credit Suisse Securities (USA) LLC
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Manager: | Credit Suisse Asset Management LLC
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Call feature: | Oct. 21, 2024
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Settlement date: | Nov. 17
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Class A-1 notes
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Amount: | $240 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 185 bps
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $10 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 225 bps
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Class B-1 notes
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Amount: | $44 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 275 bps
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Rating: | S&P: AA
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Class B-2 notes
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Amount: | $8 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 6%
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Rating: | S&P: AA
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Class C notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 350 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 475 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $13 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 775 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $38.1 million
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Securities: | Subordinated notes
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