By Cristal Cody
Tupelo, Miss., Aug. 12 – Credit Suisse Asset Management, LLC priced $693.1 million of notes due October 2029 in a refinancing of a vintage 2016 collateralized loan obligation transaction, according to a notice of revised supplemental indenture on Friday.
Madison Park Funding XXIV Ltd./Madison Park Funding XXIV LLC sold $1.6 million of class X senior secured floating-rate notes at Libor plus 60 basis points; $480 million of class A-R senior secured floating-rate notes at Libor plus 116 bps; $87.5 million of class B-R senior secured floating-rate notes at Libor plus 175 bps; $56.5 million of class C-R secured deferrable floating-rate notes at Libor plus 240 bps; $31.5 million of class D-R secured deferrable floating-rate notes at Libor plus 385 bps and $36 million of class E-R secured deferrable floating-rate notes at Libor plus 720 bps.
Goldman Sachs & Co. LLC was the refinancing placement agent.
Credit Suisse Asset Management will continue to manage the CLO.
The original CLO was issued Dec. 20, 2016. In that offering, it priced $465 million of class A floating-rate notes at Libor plus 141 bps; $102.5 million of class B floating-rate notes at Libor plus 180 bps; $37 million of class C-1 floating-rate notes at Libor plus 260 bps; $19 million of 4.57% class C-2 deferrable fixed-rate notes; $31.5 million of class D deferrable floating-rate notes at Libor plus 385 bps; $36 million of class E deferrable floating-rate notes at Libor plus 715 bps and $71,375,000 of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
The CLO is collateralized primarily by broadly syndicated senior secured loans.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
Issuer: | Madison Park Funding XXIV Ltd./Madison Park Funding XXIV LLC
|
Amount: | $693.1 million refinancing
|
Maturity: | October 2029
|
Securities: | Floating-rate notes
|
Structure: | Cash flow CLO
|
Refinancing agent: | Goldman Sachs & Co. LLC
|
Manager: | Credit Suisse Asset Management, LLC
|
Settlement date: | Aug. 15
|
|
Class X notes
|
Amount: | $1.6 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 60 bps
|
Ratings: | Moody’s: None expected
|
| S&P: AAA expected
|
|
Class A-R notes
|
Amount: | $480 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 116 bps
|
Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
Class B-R notes
|
Amount: | $87.5 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 175 bps
|
Rating: | S&P: AA expected
|
|
Class C-R notes
|
Amount: | $56.5 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 240 bps
|
Rating: | S&P: A expected
|
|
Class D-R notes
|
Amount: | $31.5 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 385 bps
|
Rating: | S&P: BBB- expected
|
|
Class E-R notes
|
Amount: | $36 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 720 bps
|
Rating: | S&P: BB- expected
|
© 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.