Chicago, Feb. 18 – Credit Suisse Asset Management, LLC sold $380.6 million of new notes in the Madison Park Funding L Ltd./Madison Park Funding L LLC collateralized loan obligation transaction due April 19, 2034, according to a report.
The manager’s second CLO of the year includes $230.625 million of class A floating-rate notes at Libor plus 114 basis points and $54.375 million of class B floating-rate notes at Libor plus 140 bps.
There are also $22.5 million of class C floating-rate notes at Libor plus 170 bps, $22.5 million of class D deferrable floating-rate notes at Libor plus 275 bps and $15 million of class E deferrable floating-rate notes at Libor plus 590 bps.
The transaction includes $35.6 million of subordinated notes.
Credit Suisse Asset Management will manage the portfolio during the reinvestment period, which ends April 19, 2026.
The CLO is mostly collateralized by senior secured loans, cash and eligible investment with most borrowers based in the United States.
Credit Suisse portfolios tend to favor borrowers from the software, hotels, restaurants and leisure sectors.
The non-call period ends April 19, 2023.
RBC Capital Markets, LLC is the placement agent.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding L Ltd./Madison Park Funding L LLC
|
| Amount: | $380.6 million
|
| Maturity: | April 19, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets, LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call: | Two years
|
| Pricing date: | Feb. 18
|
| Settlement date: | April 6
|
|
|
| Class A notes
|
| Amount: | $230.625 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $54.375 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.6 million
|
| Securities: | Subordinated notes
|
|
|
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