Credit Suisse Asset Management to refinance $1.04 billion Madison Park Funding XIV CLO

By Rebecca Melvin

New York, Oct. 5 – Credit Suisse Asset Management, LLC plans to price $1.04 billion of notes this month in a refinancing of a vintage 2014 collateralized loan obligation deal, according to a market source on Friday.

Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC plans to price $620 million of class A-1 floating-rate notes, $25 million of class A-2 floating-rate notes, $98.5 million of class B floating-rate notes, $50 million of class C floating-rate notes, $66.75 million of class D floating-rate notes, $61 million of class E floating-rate notes, $9 million of class F floating-rate notes, and a $103.5 million tranche of subordinated notes.

Morgan Stanley & Co. LLC was the placement agent.

Credit Suisse Asset Management will manage the CLO.

The maturity on the notes was extended to October. 2030 from July 2026.

The CLO was originally issued July 21, 2014. In that $1.04 billion offering the CLO 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.

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