By Cristal Cody
Tupelo, Miss., Aug. 25 – Credit Suisse Asset Management, LLC sold $596.2 million of notes due Oct. 15, 2031 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Madison Park Funding XLVI Ltd./Madison Park Funding XLVI LLC priced $360 million of class A floating-rate notes at Libor plus 160 basis points, $81 million of class B-1 floating-rate notes at Libor plus 225 bps and $15 million of 2.59% class B-2 fixed-rate notes.
The CLO also sold $36 million of class C deferrable floating-rate notes at Libor plus 280 bps, $30 million of class D deferrable floating-rate notes at Libor plus 420 bps, $21 million of class E deferrable floating-rate notes at Libor plus 765 bps and $53.2 million of subordinated notes.
J.P. Morgan Securities, LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are backed primarily by first-lien senior secured loans.
The manager has priced two new dollar-denominated CLOs year to date.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XLVI Ltd./Madison Park Funding XLVI LLC
|
| Amount: | $596.2 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities, LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | One year
|
| Pricing date: | July 28
|
| Settlement date: | Sept. 1
|
|
|
| Class A notes
|
| Amount: | $360 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $81 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.59%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 765 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $53.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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