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
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| 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
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| Amount: | $56.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-R notes
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| Amount: | $31.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E-R notes
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| Amount: | $36 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Rating: | S&P: BB- expected
|
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