By Cristal Cody
Tupelo, Miss., Feb. 13 – Credit Suisse Asset Management, LLC sold $816,975,000 of notes in a refinancing and reset of the vintage 2016 Madison Park Funding XXII Ltd. collateralized loan obligation offering, according to a notice on Wednesday.
The CLO priced $8 million of class X floating-rate notes at Libor plus 78 basis points; $496 million of class A-1-R floating-rate notes at Libor plus 126 bps; $16 million of class A-2-R floating-rate notes at Libor plus 126 bps; $96 million of class B-R floating-rate notes at Libor plus 160 bps; $56 million of class C-R floating-rate notes at Libor plus 200 bps; $40 million of class D-R floating-rate notes at Libor plus 350 bps; $32 million of class E-R floating-rate notes at Libor plus 670 bps and $72,975,000 of subordinated notes.
Barclays was the refinancing agent.
The maturity was extended to Jan. 15, 2033 from Oct. 25, 2029.
The reset CLO has an extended non-call period to but excluding Jan. 15, 2022 and a reinvestment period ending in January 2025.
In the original $808.98 million offering issued Oct. 20, 2016, the CLO sold $516 million of class A floating-rate notes at Libor plus 148 bps; $84 million of class B floating-rate notes at Libor plus 180 bps; $66.35 million of class C floating-rate notes at Libor plus 240 bps; $40 million of class D floating-rate notes at Libor plus 400 bps; $29.65 million of class E floating-rate notes at Libor plus 665 bps and $72.98 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by first-lien senior secured loans.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XXII Ltd.
|
| Amount: | $816,975,000 refinancing
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | To but excluding Jan. 15, 2022
|
| Settlement date: | Feb. 20
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 78 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class A-1-R notes
|
| Amount: | $496 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: non-rated expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $96 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-R notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $32 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $72,975,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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