Chicago, Sept. 15 – Credit Suisse Asset Management LLC refinanced and extended for $690.76 million a collateralized loan obligation issued by Madison Park Funding XLVI Ltd./Madison Park Funding XLVI LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2034.
The CLO now consists of $415.8 million of class A-R senior secured floating-rate notes at Libor plus 114 basis points, $100.19 million of class B-1-R senior secured floating-rate notes at Libor plus 165 bps, $10 million of class B-2-R 2.67% senior secured fixed-rate notes, $39.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $44.35 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $27.72 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and $53.2 million of subordinated notes.
Originally, the CLO priced $360 million of class A floating-rate notes at Libor plus 160 bps, $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 initially 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.
Credit Suisse Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
The notes can be called starting Sept. 1, 2023.
J.P. Morgan Securities LLC was the placement agent.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XLVI Ltd./Madison Park Funding XLVI LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $690.76 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Credit Suisse Asset Management LLC
|
| Call feature: | Sept. 1, 2023
|
| Settlement date: | Sept. 1
|
|
|
| Class A-R notes
|
| Amount: | $415.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $100.19 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.67%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $39.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $44.35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $27.72 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P:
|
|
|
| Subordinated notes
|
| Amount: | $53.2 million
|
| Securities: | Subordinated notes
|
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