By Cristal Cody
Tupelo, Miss., Dec. 11 – Credit Suisse Asset Management Ltd. sold €427.8 million of notes in a refinancing and reset of a vintage 2016 euro-denominated collateralized loan obligation offering, according to market sources.
Madison Park Euro Funding VIII DAC priced €287.5 million of class A-R senior secured floating-rate notes at Euribor plus 95 basis points and €48.3 million of class B-R senior secured floating-rate notes at Euribor plus 170 bps.
The CLO also sold €27.6 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 250 bps, €29.9 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 465 bps, €23 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 715 bps and €11.5 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 891 bps.
Barclays arranged the transaction.
The maturity was extended to April 15, 2032 from Jan. 15, 2030.
The original transaction, formerly known as Cadogan Square CLO VIII BV, was issued Dec. 29, 2016.
In that offering, the CLO priced €248.4 million of the class A1 senior secured floating-rate notes at par to yield Euribor plus 96 bps, €23 million of 1.01% class A2 senior secured fixed-rate notes at par, €54.8 million of class B1 senior secured floating-rate notes at par to yield Euribor plus 160 bps, €5 million of 1.83% class B2 senior secured fixed-rate notes at par and €27.83 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 240 bps.
The CLO also had placed €21.02 million of class D senior secured deferrable floating-rate notes at 98 and a coupon of Euribor plus 345 bps, €32.34 of class E senior secured deferrable floating-rate notes at 94.1 and a coupon of Euribor plus 630 bps, €12.65 million of class F senior secured deferrable floating-rate notes at 91.72 and a coupon of Euribor plus 865 bps and €54.1 million of subordinated notes.
Proceeds from the refinancing were used to redeem the outstanding notes.
The CLO is backed primarily by euro-denominated senior secured loans and bonds.
Credit Suisse Asset Management is a subsidiary of Zurich-based Credit Suisse AG.
| Issuer: | Madison Park Euro Funding VIII DAC
|
| Amount: | €427.8 million refinancing
|
| Maturity: | April 15, 2032
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Credit Suisse Asset Management Ltd.
|
| Settlement date: | Dec. 10
|
|
|
| Class A-R notes
|
| Amount: | €287.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | €48.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | €27.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D-R notes
|
| Amount: | €29.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 465 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 715 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | €11.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 891 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
