Pretium prices $456.5 million Crown Point CLO 7; Madison Park CLO to be refinanced

By Rebecca Melvin

New York, Oct. 5 – New York-based investment advisory firm Pretium Credit Management LLC has priced $456.5 million of notes due Oct. 15, 2031 in a new CLO, according to a market source.

At the top of the capital structure, the new Crown Point CLO 7, Ltd./Crown Point CLO 7, LLC sold $288 million of class A floating-rate notes at Libor plus 124 basis points and $54 million of class B floating-rate notes at Libor plus 205 bps.

The Crown Point CLO 7 also priced $24.305 million of class C deferrable floating-rate notes at Libor plus 240 bps, $25.88 million of class D deferrable floating-rate notes at Libor plus 345 bps, $21.83 million of class E deferrable floating-rate notes at Libor plus 640 bps and $42.5 million of subordinated notes.

Goldman Sachs & Co. LLC was the placement agent.

In addition, Credit Suisse Asset Management, LLC plans to refinance the Madison Park Funding XIV Ltd./Madison Park Funding XIV LLC this month. The original deal priced in July 2014. The $1.04 billion of notes will include $620 million of class A-1 floating-rate notes, $25 million of class A-2 floating-rate notes, and $98.5 million of class B floating-rate notes at the top of the capital structure.

The maturity on the notes will be extended to Oct. 15, 2030 from July 21, 2026.

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