Credit Suisse Asset Management offers $809 million Madison Park Funding XXII CLO

By Cristal Cody

Eureka Springs, Ark., Sept. 15 – Credit Suisse Asset Management, LLC is marketing $808,975,000 of notes due Oct. 25, 2029 in the U.S. risk retention-compliant Madison Park Funding XXII Ltd. collateralized loan obligation offering, according to a market source.

The deal includes $516 million of class A floating-rate notes (//AAA); $84 million of class B floating-rate notes; $66.35 million of class C floating-rate notes; $40 million of class D floating-rate notes; $29.65 million of class E floating-rate notes and $72,975,000 of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

Credit Suisse Asset Management will manage the CLO.

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

The CLO manager or a majority owned affiliate is expected to purchase and keep at least 5% of each class of notes to comply with U.S. risk retention regulations.

Proceeds from the offering, backed primarily by first-lien senior secured loans, will be used to purchase a portfolio of about $800 million of mostly senior secured leveraged loans.

The deal is expected to close on Oct. 20.

Credit Suisse Asset Management has priced two U.S. CLOs year to date.

The unit of Credit Suisse Group AG priced four U.S. CLO deals and refinanced one vintage CLO transaction in 2015.

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