By Cristal Cody
Tupelo, Miss., May 21 – Credit Suisse Asset Management Ltd. sold €520.7 million of notes due July 15, 2032 in a new euro-denominated collateralized loan obligation offering on Monday, according to market sources.
Madison Park Euro Funding XIV DAC priced €300,865,000 of class A-1 senior secured floating-rate notes at Euribor plus 112 basis points, €15,835,000 of 1.25% class A-2 senior secured fixed-rate notes, €35.19 million of class B-1 senior secured floating-rate notes at Euribor plus 180 bps and €15.01 million of 2.6% class B-2 senior secured fixed-rate notes.
The CLO priced €18.06 million of C-1 senior secured deferrable floating-rate notes at Euribor plus 250 bps and €16.74 million of 2.85% class C-2 senior secured fixed-rate notes.
Madison Park Euro Funding XIV also sold €30.9 million of class D notes at Euribor plus 380 bps, €29.6 million of class E senior secured deferrable floating-rate notes at Euribor plus 589 bps, €12.2 million of class F senior secured deferrable floating-rate notes at Euribor plus 825 bps and €46.3 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. arranged the transaction.
The deal is backed primarily by euro-denominated senior secured loans.
Credit Suisse Asset Management is a subsidiary of Zurich-based Credit Suisse AG.
| Issuer: | Madison Park Euro Funding XIV DAC
|
| Amount: | €520.7 million
|
| Maturity: | July 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Credit Suisse Asset Management Ltd.
|
| Pricing date: | May 20
|
| Settlement date: | July 10
|
|
|
| Class A-1 notes
|
| Amount: | €300,865,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 112 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €15,835,000
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.25%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €35.19 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €15.01 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.6%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €18.06 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €16.74 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.85%
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €30.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €29.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 589 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 825 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €46.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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