Credit Suisse Asset Management markets $504.75 million Madison Park Funding XX CLO

By Cristal Cody

Tupelo, Miss., Feb. 19 – Credit Suisse Asset Management, LLC plans to price $504.75 million of notes due 2027 in a broadly syndicated collateralized loan obligation transaction, according to a market source.

The Madison Park Funding XX Ltd./Madison Park Funding XX LLC deal is expected to include $310 million of class A senior secured floating-rate notes (Aaa/AAA); $57.3 million of class B senior secured floating-rate notes (Aa2); $40.8 million of class C secured deferrable floating-rate notes (A2); $25.4 million of class D secured deferrable floating-rate notes (Baa3); $26.5 million of class E secured deferrable floating-rate notes (Ba3) and $44.75 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

Credit Suisse Asset Management will manage the CLO.

The CLO has a two-year non-call period and a five-year reinvestment period.

The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The deal is expected to close on April 7.

Credit Suisse Asset Management brought four U.S. CLO deals and refinanced one vintage CLO transaction in 2015, including the $609.75 million Madison Park Funding XIX Ltd./Madison Park Funding XIX LLC offering on Dec. 2.

The New York-based investment manager is a unit of Credit Suisse Group AG.

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