By Cristal Cody
Tupelo, Miss., June 7 – Credit Suisse Asset Management, LLC priced a $713 million second refinancing of notes in the vintage 2012 Madison Park Funding X Ltd./Madison Park Funding X LLC collateralized loan obligation deal, according to a market source and a notice of executed third supplemental indenture on Friday.
The CLO priced $488.25 million of class A-R-2 senior secured floating-rate notes at Libor plus 122 basis points; $88.5 million of class B-R-2 senior secured floating-rate notes at Libor plus 180 bps; $59.25 million of class C-R-2 deferrable mezzanine floating-rate notes at Libor plus 235 bps; $39.5 million of class D-R-2 deferrable mezzanine floating-rate notes at Libor plus 325 bps and $37.5 million of class E-R-2 deferrable mezzanine floating-rate notes at Libor plus 640 bps.
BofA Securities, Inc. was the refinancing placement agent.
Credit Suisse Asset Management will continue to manage the CLO.
The notes are due Jan. 20, 2029.
The CLO was originally issued Dec. 18, 2012 and was first refinanced on Oct. 27, 2016.
In the initial $713 million refinancing, the CLO sold $488.25 million of class A-R senior secured floating-rate notes at Libor plus 145 bps; $88.5 million of class B-R senior secured floating-rate notes at Libor plus 190 bps; $59.25 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 260 bps; $39.5 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 420 bps and $37.5 million of class E-R deferrable mezzanine floating-rate notes at Libor plus 762 bps.
Proceeds were used to redeem the first refinanced notes. The original $85 million equity tranche of subordinated notes remains outstanding.
Madison Park Funding X is collateralized primarily by broadly syndicated senior secured corporate loans.
The CLO manager has priced four new dollar-denominated CLOs and refinanced two vintage CLOs year to date.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding X Ltd./Madison Park Funding X LLC
|
| Amount: | $713 million refinancing
|
| Maturity: | Jan. 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Securities, Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Refinancing date: | June 6
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R-2 notes
|
| Amount: | $488.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R-2 notes
|
| Amount: | $88.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R-2 notes
|
| Amount: | $59.25 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R-2 notes
|
| Amount: | $39.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R-2 notes
|
| Amount: | $37.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | S&P: BB-
|
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