By Cristal Cody
Tupelo, Miss., Aug. 25 – Credit Suisse Asset Management, LLC raised $775.01 million in a collateralized loan obligation transaction that was upsized from $620 million, according to a market source.
Madison Park Funding XVIII Ltd./Madison Park Funding XVIII LLC priced $5 million of class X senior secured floating-rate notes (Aaa/AAA) at Libor plus 100 basis points and $453.75 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 147 bps, both at par.
The CLO placed $92.35 million of class B-1 senior secured floating-rate notes (Aa2) at Libor plus 210 bps at par, $12.65 million of 3.91% class B-2 senior secured fixed-rate notes (Aa2) at par and $48.75 million of class C senior secured deferrable floating-rate notes (A2) at Libor plus 300 bps at par.
The CLO also sold $32.58 million of class D-1 senior secured deferrable floating-rate notes (Baa3) at Libor plus 350 bps at 97; $10.55 million of class D-2 senior secured deferrable floating-rate notes (Baa3) at Libor plus 395 bps at par; $28.83 million of class E-1 senior secured deferrable floating-rate notes (Ba3) at Libor plus 535 bps at 93.7; $10.55 million of class E-2 senior secured deferrable floating-rate notes (Ba3) at Libor plus 635 bps at par and $80 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the deal.
Credit Suisse Asset Management will manage the CLO.
The notes are due Oct. 20, 2026.
The CLO is non-callable until Oct. 20, 2017. The reinvestment period ends Oct. 20, 2019.
The transaction is backed primarily by broadly syndicated senior secured corporate loans.
Credit Suisse Asset Management has priced two U.S. CLOs and refinanced one vintage CLO year to date.
The firm is a unit of Credit Suisse Group AG.
Issuer: | Madison Park Funding XVIII Ltd./Madison Park Funding XVIII LLC
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Amount: | $775.01 million
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Maturity: | Oct. 20, 2026
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Morgan Stanley & Co. LLC
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Manager: | Credit Suisse Asset Management, LLC
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Call feature: | Oct. 20, 2017
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Pricing date: | Aug. 14
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Settlement date: | Sept. 2
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Class X notes
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Amount: | $5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 100 bps
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Price: | Par
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Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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Class A notes
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Amount: | $453.75 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 147 bps
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Price: | Par
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Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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|
Class B-1 notes
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Amount: | $92.35 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 210 bps
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Price: | Par
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Rating: | Moody’s: Aa2
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|
Class B-2 notes
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Amount: | $12.65 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.91%
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Price: | Par
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Rating: | Moody’s: Aa2
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|
Class C notes
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Amount: | $48.75 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 300 bps
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Price: | Par
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Rating: | Moody’s: A2
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|
Class D-1 notes
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Amount: | $32.58 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 350 bps
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Price: | 97
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Rating: | Moody’s: Baa3
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|
Class D-2 notes
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Amount: | $10.55 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 395 bps
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Price: | Par
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Rating: | Moody’s: Baa3
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|
Class E-1 notes
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Amount: | $28.83 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 535 bps
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Price: | 93.7
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Rating: | Moody’s: Ba3
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Class E-2 notes
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Amount: | $10.55 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 635 bps
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Price: | Par
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Rating: | Moody’s: Ba3
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|
Equity
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Amount: | $80 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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