By Cristal Cody
Tupelo, Miss., March 11 – Credit Suisse Asset Management, LLC priced $450 million of notes due Jan. 24, 2028 in a third refinancing of a vintage 2016 broadly syndicated collateralized loan obligation transaction, according to a market source and a notice of executed fourth supplemental indenture on Tuesday.
Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC sold $396 million of class A-1-R2 floating-rate notes (Aaa//AAA) at Libor plus 92 basis points, $59.8 million of class A-2-R2 floating-rate notes (Aa2) at Libor plus 150 bps, $16 million of class B-1-R2 deferrable floating-rate notes (A2) at Libor plus 185 bps and $14.2 million of class B-2-R2 deferrable floating-rate notes (A2) at Libor plus 185 bps.
MUFG was the refinancing placement agent.
Credit Suisse Asset Management will continue to manage the CLO.
The notes are non-callable to but excluding Dec. 10, 2020.
In the original $609.75 million offering issued Dec. 29, 2015, the CLO sold $387 million of class A-1 floating-rate notes at Libor plus 152 bps; $68.8 million of class A-2 floating-rate notes at Libor plus 230 bps; $16 million of class B-1 floating-rate notes at Libor plus 315 bps; $14.2 million of 4.57% class B-2 fixed-rate notes; $37.4 million of class C floating-rate notes at Libor plus 385 bps; $28.5 million of class D floating-rate notes at Libor plus 645 bps; $12.1 million of class E floating-rate notes at Libor plus 765 bps and $45.75 million of subordinated notes.
The CLO was partially refinanced on March 2, 2018 and partially refinanced on May 16, 2019.
In the 2019 refinancing, the CLO sold $486 million of notes, including $396 million of class A-1-R floating-rate notes at Libor plus 125 bps, $59.8 million of class A-2-R floating-rate notes at Libor plus 175 bps, $16 million of class B-1-R floating-rate notes at Libor plus 230 bps and $14.2 million of class B-2-R floating-rate notes at Libor plus 230 bps.
Proceeds were used to redeem the outstanding notes.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC
|
| Amount: | $450 million refinancing
|
| Maturity: | Jan. 24, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | MUFG
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | To but excluding Dec. 10, 2020
|
| Settlement date: | March 10
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R2 notes
|
| Amount: | $396 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 92 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R2 notes
|
| Amount: | $59.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-1R2 notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class B-2R2 notes
|
| Amount: | $14.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: A2
|
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