By Cristal Cody
Tupelo, Miss., Dec. 23 – Credit Suisse Asset Management, LLC priced an upsized $685.8 million collateralized loan obligation transaction, according to a market source.
Madison Park Funding XV Ltd./Madison Park Funding XV LLC sold $413.2 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 148 basis points, on the tight side of guidance in the Libor plus 150 bps area.
The CLO also priced $80.1 million of class A-2 senior secured floating-rate notes (/AA/) at Libor plus 240 bps; $34.7 million of class B-1 senior secured deferrable floating-rate notes (/A/) at Libor plus 325 bps; $20 million of 4.23% class B-2 senior secured deferrable fixed-rate notes (/A/); $35 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 370 bps; $40 million of class D senior secured deferrable floating-rate notes (Ba3) at Libor plus 545 bps and $62.8 million of subordinated notes.
The deal was upsized from $610 million.
Citigroup Global Markets Inc. was the placement agent.
Credit Suisse Asset Management will manage the CLO, which is collateralized primarily by broadly syndicated senior secured loans.
The CLO is non-callable until Jan. 27, 2017. The reinvestment period ends Jan. 27, 2019.
The notes are due Jan. 27, 2026.
Credit Suisse Asset Management has priced four CLO deals year to date, including the $1 billion Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC transaction on July 7.
The firm, a unit of Credit Suisse Group AG, brought the $521.5 million Madison Park Funding XI, Ltd./Madison Park Funding XI, LLC deal in 2013.
| Issuer: | Madison Park Funding XV Ltd./Madison Park Funding XV LLC
|
| Amount: | $685.5 million
|
| Maturity: | Jan. 27, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Jan. 27, 2017
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 30
|
|
|
| Class A-1 notes
|
| Amount: | $413.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $80.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-1 notes
|
| Amount: | $34.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 4.23%
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $62.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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