17 Nov, 2011

Appleby advises on Credit Suisse Asset Management’s latest CLO issuance


Appleby, the world’s largest offshore legal, fiduciary and administration services provider, has advised on Credit Suisse Asset Management’s latest CLO issuance, Atrium VII, which closed on Wednesday 16 November 2011.


Appleby acted as Cayman counsel to the Issuer and Credit Suisse Securities (USA) LLC as Lead Manager on the $407 million CLO, which includes a $253 million triple-A note priced at 155 basis points over LIBOR, as well as two double-B tranches. The Class E Notes are the senior of the two tranches and carry a BB+ compared to the BB rating assigned to the Class F’s.


GreensLedge Capital Markets LLC and Mitsubishi UFJ Securities (USA), Inc. were Co-Leads on the deal.


This marks CSAM’s second deal for 2011 following Madison Park Funding VII, Ltd.’s US$410 million CLO which closed on 18 May 2011 in a deal arranged by Bank of America Merrill Lynch and on which Appleby also acted as Cayman Islands counsel.


Julian Black, lead partner on the deal commented: “An impressive number of deals have closed in North America in 2011, significantly outpacing the issuance of 2009 and 2010. This reflects investor confidence in the robustness of the product, and its resilience during the credit crisis of 2008. Appleby are pleased to be at the forefront of this resurgence.”



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