Chicago, Aug. 9 – Credit Suisse Asset Management, LLC priced $589.7 million in a collateralized loan obligation being issued by Madison Park Funding LV, Ltd., according to presale reports.
The notes will mature on July 2035.
The CLO consists of $360 million of class A-1 senior floating-rate notes at SOFR plus 185 basis points, $10 million of class A-2a senior floating-rate notes at SOFR plus 205 bps, $14 million of class A-2b 5.08% senior fixed-rate notes, $52 million of class B-1 senior floating-rate notes at SOFR plus 290 bps, $11 million of class B-2 5.54% senior fixed-rate notes, $36 million of class C deferrable mezzanine floating-rate notes at SOFR plus 380 bps, $39.3 million of class D deferrable mezzanine floating-rate notes at SOFR plus 500 bps, $22.5 million of class E deferrable mezzanine floating-rate notes at SOFR plus 817 bps, $500,000 of class F deferrable junior floating-rate notes at SOFR plus 950 bps and $44.4 million of subordinated notes.
Credit Suisse Asset Management, LLC will manage the collateral through the end of the reinvestment period in July 2027.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting July 2024.
Nomura Securities International, Inc. was the placement agent.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding LV, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $589.7 million
|
| Maturity: | July 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | July 2024
|
| Settlement date: | Aug. 10
|
|
|
| Class A-1 notes
|
| Amount: | $360 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $10 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2b notes
|
| Amount: | $14 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 5.08%
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $52 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $11 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 5.54%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $39.3 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 817 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $500,000
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | SOFR plus 950 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $44.4 million
|
| Securities: | Subordinated notes
|
|
|
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