By Cristal Cody
Tupelo, Miss., April 10 – Credit Suisse Asset Management, LLC priced $503.3 million of notes due April 25, 2031 in the Madison Park Funding XXXIV Ltd./Madison Park Funding XXXIV LLC collateralized loan obligation transaction, according to market sources.
The CLO sold $294.5 million of class A-1 floating-rate notes at Libor plus 133 basis points, $27.8 million of 3.97% class A-2 fixed-rate notes and $50.1 million of class B floating-rate notes at Libor plus 185 bps.
The CLO also priced $28.8 million of class C deferrable floating-rate notes at Libor plus 260 bps, $31.3 million of class D deferrable floating-rate notes at Libor plus 370 bps, $21.3 million of class E deferrable floating-rate notes at Libor plus 675 bps and $49.5 million of subordinated notes.
Credit Suisse Securities (USA) 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 XXXIV Ltd./Madison Park Funding XXXIV LLC
|
| Amount: | $503.3 million
|
| Maturity: | April 25, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | March 28
|
| Settlement date: | April 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $294.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $27.8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.97%
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $50.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $28.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $31.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $21.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $49.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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