By Cristal Cody
Tupelo, Miss., Feb. 24 – Credit Suisse Asset Management, LLC priced $615,025,000 of notes due April 20, 2026 in a collateralized loan obligation transaction, according to a market source on Tuesday.
Madison Park Funding XVI Ltd./Madison Park Funding XVI LLC sold $367,275,000 of class A-1 senior secured floating-rate notes at Libor plus 150 basis points; $43 million of class A-2a senior secured floating-rate notes at Libor plus 225 bps; $32 million of 4.25% class A-2b senior secured fixed-rate notes; $49 million of class B senior secured deferrable floating-rate notes at Libor plus 310 bps; $30.5 million of class C senior secured deferrable floating-rate notes at Libor plus 370 bps; $30.25 million of class D senior secured deferrable floating-rate notes at Libor plus 565 bps; $12 million of class E deferrable floating-rate notes at Libor plus 590 bps and $51 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Credit Suisse Asset Management will manage the CLO, which is non-callable until Oct. 20, 2016.
The reinvestment period ends April 20, 2019.
The CLO is backed mainly by first-lien senior secured loans and eligible investments.
In 2014, Credit Suisse Asset Management brought four CLO deals, including the $1 billion Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC transaction.
The firm is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XVI Ltd./Madison Park Funding XVI LLC
|
| Amount: | $615,025,000
|
| Maturity: | April 20, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Oct. 20, 2016
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 25
|
|
|
| Class A-1 notes
|
| Amount: | $367,275,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $43 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class A-2b notes
|
| Amount: | $32 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.25%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $49 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $30.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $30.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity tranche
|
| Amount: | $51 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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