By Cristal Cody
Tupelo, Miss., Sept. 12 – Credit Suisse Asset Management, LLC sold $519 million of notes in a refinancing and reset of the vintage 2007 Madison Park Funding IV Ltd. collateralized loan obligation deal, according to a market source.
The CLO will be renamed Madison Park Funding IV Ltd./Madison Park Funding IV (Delaware) Corp. and priced $305 million of class A-R floating-rate notes at Libor plus 120 basis points; $70 million of class B-R floating-rate notes at Libor plus 160 bps, $35 million of class C-R deferrable floating-rate notes at Libor plus 205 bps; $29.5 million of class D-R deferrable floating-rate notes at Libor plus 300 bps; $20.5 million of class E-R deferrable floating-rate notes at Libor plus 650 bps; $9 million of class F-R deferrable floating-rate notes at Libor plus 795 bps and $50 million of subordinated notes.
J.P. Morgan Securities LLC is the refinancing placement agent.
Credit Suisse Asset Management will continue to manage the CLO.
The maturity on the floating-rate notes was extended to July 29, 2030 from the original March 22, 2021 maturity. The subordinated notes’ maturity was extended to July 29, 2047.
The reset CLO has a two-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 redeem the original notes on Sept. 22.
Credit Suisse Asset Management has priced one new dollar-denominated CLO and refinanced seven 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 IV Ltd./Madison Park Funding IV (Delaware) Corp.
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Amount: | $519 million refinancing
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Refinancing agent: | J.P. Morgan Securities LLC
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Manager: | Credit Suisse Asset Management, LLC
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Call feature: | Two years
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Settlement date: | Sept. 22
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Class A-R notes
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Amount: | $305 million
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Maturity: | July 29, 2030
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Securities: | Floating-rate notes
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Coupon: | Libor plus 120 bps
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Rating: | S&P: AAA
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Class B-R notes
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Amount: | $70 million
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Maturity: | July 29, 2030
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Securities: | Floating-rate notes
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Coupon: | Libor plus 160 bps
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Rating: | S&P: AA
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Class C-R notes
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Amount: | $35 million
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Maturity: | July 29, 2030
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 205 bps
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Rating: | S&P: A
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Class D-R notes
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Amount: | $29.5 million
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Maturity: | July 29, 2030
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 300 bps
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Rating: | S&P: BBB-
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Class E-R notes
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Amount: | $20.5 million
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Maturity: | July 29, 2030
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 650 bps
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Rating: | S&P: BB-
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Class F-R notes
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Amount: | $9 million
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Maturity: | July 29, 2030
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 795 bps
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Rating: | S&P: B-
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Equity
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Amount: | $50 million
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Maturity: | July 29, 2047
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Securities: | Subordinated notes
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Ratings: | Non-rated
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