By Cristal Cody
Tupelo, Miss., Feb. 4 - Credit Suisse Asset Management, LLC priced $746.04 million of notes due Jan. 20, 2025 in the Madison Park Funding XIII Ltd./Madison Park Funding XIII LLC collateralized loan obligation transaction, according to an informed source on Tuesday.
At the top of the capital structure, the CLO priced $2.8 million of class X senior secured floating-rate notes (//AAA) at Libor plus 100 basis points; $449.49 million of class A senior secured floating-rate notes (//AAA) at Libor plus 145 bps; $71.25 million of class B-1 senior secured floating-rate notes at Libor plus 215 bps and $28.75 million of 4.29% class B-2 senior secured fixed-rate notes.
The CLO also priced $32.75 million of class C deferrable floating-rate notes at Libor plus 275 bps; $45.25 million of class D deferrable floating-rate notes at Libor plus 335 bps; $38 million of class E deferrable floating-rate notes at Libor plus 500 bps; $17.25 million of class F deferrable floating-rate notes at Libor plus 585 bps and $60.5 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Credit Suisse Asset Management will manage the CLO, which is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The CLO has a two-year non-callable period and a four-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $719.3 million of leveraged loans.
Credit Suisse Asset Management, a unit of Credit Suisse Group AG, was last in the U.S. CLO market in 2013 with the $521.5 million Madison Park Funding XI, Ltd./Madison Park Funding XI, LLC deal that closed on Sept. 19.
| Issuer: | Madison Park Funding XIII, Ltd./Madison Park Funding XIII, LLC
|
| Amount: | $746.04 million
|
| Maturity: | Jan. 20, 2025
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | 2016
|
| Pricing date: | Feb. 3
|
|
|
| Class X notes
|
| Amount: | $2.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $449.49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $71.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $28.75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.29%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $32.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $45.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $38 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $17.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $60.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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