By Cristal Cody
Tupelo, Miss., Jan. 29 – Credit Suisse Asset Management, LLC priced $811.1 million of notes due April 2030 in a new collateralized loan obligation transaction, according to market sources.
Madison Park Funding XXVII Ltd./Madison Park Funding XXVII LLC sold $468 million of class A-1a floating-rate notes (Aaa/AAA) at a discount margin of Libor plus 103 basis points; $36 million of class A-1b floating-rate notes (Aaa/non-rated) at a discount margin of Libor plus 113 bps; $106.4 million of class A-2 floating-rate notes (AA) at a discount margin of Libor plus 135 bps; $48 million of class B deferrable floating-rate notes (A) at a discount margin of Libor plus 180 bps; $48.8 million of class C deferrable floating-rate notes (BBB-) at a discount margin of Libor plus 260 bps; $30.4 million of class D deferrable floating-rate notes (BB-) at a discount margin of Libor plus 500 bps and $73.5 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Credit Suisse Asset Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized primarily by broadly syndicated senior secured loans.
Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced one new U.S. CLO and refinanced seven vintage U.S. CLOs in 2017.
Issuer: | Madison Park Funding XXVII Ltd./Madison Park Funding XXVII LLC
|
Amount: | $811.1 million
|
Maturity: | April 2030
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BofA Merrill Lynch
|
Manager: | Credit Suisse Asset Management, LLC
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Call feature: | Two years
|
Pricing date: | Jan. 25
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Settlement date: | March 8
|
|
Class A-1a notes
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Amount: | $468 million
|
Maturity: | July 29, 2030
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Securities: | Floating-rate notes
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Discount margin: | Libor plus 103 bps
|
Ratings: | Moody’s: Aaa
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| S&P: AAA
|
|
Class A-1b notes
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Amount: | $36 million
|
Securities: | Floating-rate notes
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Discount margin: | Libor plus 113 bps
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Ratings: | Moody’s: Aaa
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| S&P: Non-rated
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|
Class A-2 notes
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Amount: | $106.4 million
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Securities: | Floating-rate notes
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Discount margin: | Libor plus 135 bps
|
Rating: | S&P: AA
|
|
Class B notes
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Amount: | $48 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 180 bps
|
Rating: | S&P: A
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|
Class C notes
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Amount: | $48.8 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 260 bps
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Rating: | S&P: BBB-
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|
Class D notes
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Amount: | $30.4 million
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Securities: | Deferrable floating-rate notes
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Discount margin: | Libor plus 500 bps
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Rating: | S&P: BB-
|
|
Equity
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Amount: | $73.5 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
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