Chicago, Feb. 19 – Credit Suisse Asset Management, LLC sold $849.75 million in a new broadly syndicated collateralized loan obligation transaction issued by Madison Park Funding XLVIII Ltd./Madison Park Funding XLVIII LLC, according to a report.
The portfolio, maturing April 19, 2033, includes $544 million of class A floating-rate notes at Libor plus 115 basis points, $102 million of class B floating-rate notes at Libor plus 145 bps, $51 million of class C deferrable floating-rate notes at Libor plus 200 bps, $51 million of class D deferrable floating-rate notes at Libor plus 300 bps, $29.75 million of class E deferrable floating-rate notes at Libor plus 625 bps and $72 million of subordinated notes.
The CLO will be managed by Credit Suisse Asset Management.
The reinvestment period ends Feb. 26, 2024.
The notes can be called after Feb. 26, 2022.
J.P. Morgan Securities LLC is the placement agent.
The portfolio will be collateralized mostly by senior secured loans, cash and eligible investments with most of the borrowers based in the United States.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuers: | Madison Park Funding XLVIII Ltd./Madison Park Funding XLVIII LLC
|
| Amount: | $849.75 million
|
| Maturity: | April 19, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call: | Feb. 26, 2022
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 26
|
|
|
| Class A notes
|
| Amount: | $544 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $102 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $51 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $51 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $29.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $72 million
|
| Securities: | Subordinated notes
|
| Rating: | S&P: NR
|
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