By Cristal Cody
Tupelo, Miss., Feb. 22 – Credit Suisse Asset Management, LLC refinanced $623 million of notes due Jan. 27, 2026 in the vintage 2014 Madison Park Funding XV Ltd. collateralized loan obligation deal, according to a notice of executed first supplemental indenture on Tuesday.
The CLO priced $413.2 million of class A-1-R senior secured floating-rate notes at Libor plus 119 basis points; $80.1 million of class A-2-R senior secured floating-rate notes at Libor plus 150 bps, $34.7 million of class B-1-R senior secured deferrable floating-rate notes at Libor plus 220 bps; $20 million of class B-2-R senior secured floating-rate notes at Libor plus 220 bps; $35 million of class C-R senior secured deferrable floating-rate notes at Libor plus 345 bps and $40 million of class D-R senior secured deferrable floating-rate notes at Libor plus 544 bps.
J.P. Morgan Securities LLC was the refinancing agent.
Proceeds were used to redeem the original notes.
The refinanced CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced three U.S. CLOs and refinanced one vintage CLO in 2016.
| Issuer: | Madison Park Funding XV Ltd.
|
| Amount: | $623 million refinancing
|
| Maturity: | Jan. 27, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Refinancing date: | Feb. 17
|
|
|
| Class A-1-R notes
|
| Amount: | $413.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $80.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1-R notes
|
| Amount: | $34.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class B-2-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-R notes
|
| Amount: | $40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 544 bps
|
| Rating: | Moody’s: Ba3
|
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