By Rebecca Melvin
New York, May 1 – Credit Suisse Asset Management, LLC priced $813,605,000 of notes due July 21, 2027 in a collateralized loan obligation transaction, according to a market source.
Madison Park Funding XVII Ltd./Madison Park Funding XVII LLC sold $200 million of class A-1 senior secured floating-rate notes at Libor plus 145 basis points; $200 million of class A-2 senior secured floating-rate notes at Libor plus 145 bps; $109.35 million of class A-3 senior secured floating-rate notes at Libor plus 145 bps; $93.3 million of class B senior secured deferrable floating-rate notes at Libor plus 200 bps; $46.65 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps; $49.3 million of class D senior secured deferrable floating-rate notes at Libor plus 345 bps; $38.7 million of class E deferrable floating-rate notes at Libor plus 545 bps; $14 million of class F deferrable floating-rate notes at Libor plus 640 bps and $62.31 million of subordinated notes.
Wells Fargo Securities LLC was the arranger.
Credit Suisse Asset Management will manage the CLO, which is non-callable for 1.7 years and has a reinvestment period of 4.2 years until July 2019.
The CLO is backed primarily by senior secured loans and eligible investments, with second-lien loans accounting for about 3.5% of the portfolio.
Previously, Credit Suisse Asset Management sold the $615.03 million Madison Park Funding XVI CLO in February, and it brought four CLO deals in 2014, including the $1 billion Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC transaction.
The firm is a unit of Credit Suisse Group AG.
Issuer: | Madison Park Funding XVII Ltd./Madison Park Funding XVII LLC
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Amount: | $813,605,000
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Maturity: | July 21, 2027
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Arranger: | Wells Fargo Securities LLC
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Manager: | Credit Suisse Asset Management, LLC
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Call feature: | 1.7 years
|
Reinvestment period: | 4.2 years until July 2019
|
Pricing date: | April 30
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Settlement date: | May 21
|
|
Class A-1 notes
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Amount: | $200 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 145 bps
|
Rating: | Fitch: AAA
|
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Class A-2 notes
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Amount: | $200 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 145 bps
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Rating: | Fitch: AAA
|
|
Class A-3 notes
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Amount: | $109.35 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 145 bps
|
Rating: | Fitch: AAA
|
|
Class B notes
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Amount: | $93.3 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 200 bps
|
Rating: | Not-rated
|
|
Class C notes
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Amount: | $46.65 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 290 bps
|
Rating: | Not-rated
|
|
Class D notes
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Amount: | $49.3 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 345 bps
|
Rating: | Not rated
|
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Class E notes
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Amount: | $38.7 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 545 bps
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Rating: | Not rated
|
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Class F notes
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Amount: | $14 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 640 bps
|
Rating: | Not-rated
|
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Equity tranche
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Amount: | $62.31 million
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Securities: | Subordinated notes
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Rating: | Non-rated
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