By Cristal Cody
Tupelo, Miss., July 7 – Credit Suisse Asset Management, LLC sold $815 million of notes due July 27, 2030 in the new Madison Park Funding XXIII Ltd./Madison Park Funding XXIII LLC collateralized loan obligation deal, according to market sources.
The CLO priced $488 million of class A floating-rate notes at Libor plus 121 basis points; $108 million of class B floating-rate notes at Libor plus 170 bps, $60 million of class C floating-rate notes at Libor plus 235 bps, $48 million of class D floating-rate notes at Libor plus 345 bps, $31 million of class E floating-rate notes at Libor plus 625 bps and $80 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the deal.
Credit Suisse Asset Management will manage the CLO.
The CLO has a 1.5-year non-call period and a five-year reinvestment period.
The notes are collateralized primarily by broadly syndicated first lien senior secured loans.
Proceeds will be used to purchase a portfolio of about $800 million of mostly senior secured leveraged loans.
Credit Suisse Asset Management has priced one new dollar-denominated CLO and refinanced six vintage U.S. CLOs year to date.
The unit of Credit Suisse Group AG priced three U.S. CLOs and refinanced one vintage CLO in 2016.
| Issuer: | Madison Park Funding XXIII Ltd./Madison Park Funding XXIII LLC
|
| Amount: | $815 million
|
| Maturity: | July 27, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Non-callable 1.5 years
|
| Pricing date: | June 30
|
| Settlement date: | Aug. 11
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $488 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $108 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $60 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $48 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $31 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $80 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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