By Cristal Cody
Tupelo, Miss., Sept. 12 – Credit Suisse Asset Management, LLC sold $519 million of notes in a refinancing and reset of the vintage 2007 Madison Park Funding IV Ltd. collateralized loan obligation deal, according to a market source.
The CLO will be renamed Madison Park Funding IV Ltd./Madison Park Funding IV (Delaware) Corp. and priced $305 million of class A-R floating-rate notes at Libor plus 120 basis points; $70 million of class B-R floating-rate notes at Libor plus 160 bps, $35 million of class C-R deferrable floating-rate notes at Libor plus 205 bps; $29.5 million of class D-R deferrable floating-rate notes at Libor plus 300 bps; $20.5 million of class E-R deferrable floating-rate notes at Libor plus 650 bps; $9 million of class F-R deferrable floating-rate notes at Libor plus 795 bps and $50 million of subordinated notes.
J.P. Morgan Securities LLC is the refinancing placement agent.
Credit Suisse Asset Management will continue to manage the CLO.
The maturity on the floating-rate notes was extended to July 29, 2030 from the original March 22, 2021 maturity. The subordinated notes’ maturity was extended to July 29, 2047.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.
Proceeds will be used to redeem the original notes on Sept. 22.
Credit Suisse Asset Management has priced one new dollar-denominated CLO and refinanced seven vintage U.S. CLOs year to date.
The unit of Credit Suisse Group AG priced three U.S. CLOs and refinanced one vintage CLO in 2016.
| Issuer: | Madison Park Funding IV Ltd./Madison Park Funding IV (Delaware) Corp.
|
| Amount: | $519 million refinancing
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | Two years
|
| Settlement date: | Sept. 22
|
|
|
| Class A-R notes
|
| Amount: | $305 million
|
| Maturity: | July 29, 2030
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $70 million
|
| Maturity: | July 29, 2030
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $35 million
|
| Maturity: | July 29, 2030
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $29.5 million
|
| Maturity: | July 29, 2030
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20.5 million
|
| Maturity: | July 29, 2030
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $9 million
|
| Maturity: | July 29, 2030
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 795 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $50 million
|
| Maturity: | July 29, 2047
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
