By Cristal Cody
Tupelo, Miss., April 22 Credit Suisse Asset Management Ltd. issued 402.25 million of notes due Nov. 25, 2032 in the managers first euro-denominated collateralized loan obligation offering of 2020, according to market sources.
Madison Park Euro Funding XV DAC priced 193 million of class A-1 floating-rate notes at Euribor plus 120 basis points, 42 million of class A-2 floating-rate notes at Euribor plus 135 bps and 48.75 million of class B floating-rate notes at Euribor plus 185 bps.
The CLO priced 27 million of C floating-rate notes at Euribor plus 300 bps, 22.65 million class D floating-rate notes at Euribor plus 500 bps, 22.25 million of class E floating-rate notes at Euribor plus 750 bps, 11.25 million of class F floating-rate notes at Euribor plus 950 bps and 35.35 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
The CLO is backed primarily by euro-denominated senior secured loans.
Credit Suisse Asset Management is a subsidiary of Zurich-based Credit Suisse AG.
| Issuer: | Madison Park Euro Funding XV DAC
|
| Amount: | 402.25 million
|
| Maturity: | Nov. 25, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Credit Suisse Asset Management Ltd.
|
| Settlement date: | April 21
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | 193 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | 42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | 48.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | 27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | 22.65 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | 22.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 750 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | 11.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 950 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | 35.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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