By Cristal Cody
Tupelo, Miss., July 8 – Credit Suisse Asset Management, LLC sold $1,036,000,000 of notes due July 21, 2026 in a collateralized loan obligation transaction, according to a market source on Tuesday.
Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC priced $5 million of class X floating-rate notes at Libor plus 100 basis points and $620 million of class A floating-rate notes at Libor plus 145 bps.
The CLO sold $135 million of class B floating-rate notes at Libor plus 215 bps; $52.5 million of class C floating-rate notes at Libor plus 320 bps; $60 million of class D floating-rate notes at Libor plus 360 bps; $53 million of class E floating-rate notes at Libor plus 475 bps and $7 million of class F floating-rate notes at Libor plus 540 bps.
The offering included $103.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Credit Suisse Asset Management will manage the CLO, which is backed primarily by senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase about $1 billion of mostly senior secured leveraged loans.
The transaction is the third CLO offering that Credit Suisse Asset Management, a unit of Credit Suisse Group AG, has priced in 2014. The firm brought the $746.04 million Madison Park Funding XIII Ltd./Madison Park Funding XIII LLC transaction on Feb. 3 and the $817.69 million Madison Park Funding XII Ltd./Madison Park Funding XII LLC deal on May 8.
| Issuer: | Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC
|
| Amount: | $1,036,000,000
|
| Maturity: | July 21, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | 2016
|
| Pricing date: | July 7
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $620 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $135 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $52.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $53 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $103.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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