CSAM prices €520.7 million Madison Park Euro CLO; AB Private Credit resets 2016 CLO

By Cristal Cody

Tupelo, Miss., May 21 – The European primary market saw a new CLO issue this week.

Credit Suisse Asset Management Ltd. sold €520.7 million of notes in the manager’s second euro-denominated CLO transaction of the year.

In other action, AB Private Credit Investors LLC priced $400.8 million of notes in a reset of a vintage 2016 broadly syndicated CLO.

In its deal, Credit Suisse Asset Management sold €520.7 million of notes due July 15, 2032 in a new euro-denominated CLO offering on Monday, according to market sources.

At the top of the capital stack, Madison Park Euro Funding XIV DAC priced €300,865,000 of class A-1 senior secured floating-rate notes at Euribor plus 112 basis points and €15,835,000 of 1.25% class A-2 senior secured fixed-rate notes.

Meanwhile, AB Private Credit Investors sold $400.8 million of notes in a reset of the vintage 2016 ABPCI Direct Lending Fund CLO Ltd. offering, according to a market source and a notice of proposed second supplemental indenture.

In the senior secured tranches, the middle-market CLO priced $216 million of class A-1A floating-rate notes at Libor plus 165 bps, $19.5 million of 3.94% class A-1B fixed-rate notes, $38 million of class A-2A floating-rate notes at Libor plus 260 bps and $14 million of 4.84% class A-2B fixed-rate notes.

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