By Rebecca Melvin
New York, Jan. 2 – Credit Suisse Asset Management, LLC has priced an $800.85 million offering of notes due Jan. 22, 2031 in the Madison Park Funding XXXII Ltd./Madison Park Funding XXXII LLC collateralized loan obligation transaction, according to a market source.
The CLO sold $2 million of class X floating-rate notes at Libor plus 60 basis points, $480 million of class A-1 floating-rate notes at Libor plus 120 bps, $36 million of 4.5% class A-2 fixed-rate notes and $88 million of class B floating-rate notes at Libor plus 210 bps.
The CLO also priced $56 million of class C deferrable floating-rate notes at Libor plus 310 bps, $42 million of class D deferrable floating-rate notes at Libor plus 410 bps, $30 million of class E deferrable floating-rate notes at Libor plus 735 bps and $80 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
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 is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC
|
| Amount: | $800.85 million
|
| Maturity: | Jan. 22, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Jan. 22, 2021
|
| Reinvestment end date: | Jan. 22, 2024
|
| Closing date: | Jan. 31
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Not rated
|
|
|
| Class A-1 notes
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| Amount: | $480 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $36 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.5%
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $88 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $56 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $42 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 735 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $80 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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