Credit Suisse Asset Management plans second refinancing, reset of 2014 XIII CLO notes

By Cristal Cody

Tupelo, Miss., March 29 – Credit Suisse Asset Management, LLC plans to reprice notes from a vintage 2014 collateralized loan obligation transaction that was first refinanced in 2017, according to a notice of proposed amended and restated indenture on Thursday.

The Madison Park Funding XIII Ltd./Madison Park Funding XIII LLC deal will include class X-R floating-rate notes, class A-R2 floating-rate notes, class B-R2 floating-rate notes, class C-R2 floating-rate notes, class D-R2 floating-rate notes, class E-R floating-rate notes and class F-R floating-rate notes.

The CLO will be reset, including extending the maturity date to April 2030 from Jan. 20, 2025.

MUFG is the refinancing placement agent for the Rule 144A and Regulation S second refinancing.

Credit Suisse Asset Management will continue to manage the CLO.

The original $746.04 million CLO was issued Feb. 27, 2014.

At the top of the capital structure, the CLO priced $2.8 million of class X senior secured floating-rate notes at Libor plus 100 bps; $449.49 million of class A senior secured floating-rate notes at Libor plus 145 bps; $71.25 million of class B-1 senior secured floating-rate notes at Libor plus 215 bps and $28.75 million of 4.29% class B-2 senior secured fixed-rate notes.

The CLO also priced $32.75 million of class C deferrable floating-rate notes at Libor plus 275 bps; $45.25 million of class D deferrable floating-rate notes at Libor plus 335 bps; $38 million of class E deferrable floating-rate notes at Libor plus 500 bps; $17.25 million of class F deferrable floating-rate notes at Libor plus 585 bps and $60.5 million of subordinated notes.

The CLO was partially refinanced on March 9, 2017. In the first refinancing, the CLO sold $449.49 million of class A-R floating-rate notes at Libor plus 111 bps; $71.25 million of class B-1-R floating-rate notes at Libor plus 155 bps, $28.75 million of 3.3% class B-2-R fixed-rate notes; $32.75 million of class C-R floating-rate notes at Libor plus 215 bps and $45.25 million of class D-R floating-rate notes at Libor plus 327 bps.

Proceeds will be used to redeem the first refinanced notes on April 19.

Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced one new U.S. CLO and refinanced seven vintage U.S. CLOs in 2017.

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