0001539497-18-000529.txt : 20180329 0001539497-18-000529.hdr.sgml : 20180329 20180329131730 ACCESSION NUMBER: 0001539497-18-000529 CONFORMED SUBMISSION TYPE: 424H/A PUBLIC DOCUMENT COUNT: 1 0001654060 0001628601 FILED AS OF DATE: 20180329 DATE AS OF CHANGE: 20180329 ABS ASSET CLASS: Commercial mortgages FILER: COMPANY DATA: COMPANY CONFORMED NAME: Credit Suisse Commercial Mortgage Securities Corp. CENTRAL INDEX KEY: 0001654060 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 475115713 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424H/A SEC ACT: 1933 Act SEC FILE NUMBER: 333-207361 FILM NUMBER: 18722039 BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-538-1807 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSAIL 2018-CX11 Commercial Mortgage Trust CENTRAL INDEX KEY: 0001732963 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424H/A SEC ACT: 1933 Act SEC FILE NUMBER: 333-207361-08 FILM NUMBER: 18722040 BUSINESS ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-538-1807 MAIL ADDRESS: STREET 1: ELEVEN MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10010 424H/A 1 n1207_424ha-x8.htm AMENDMENT TO FORM 424H

    FILED PURSUANT TO RULE 424(h)
    REGISTRATION FILE NO.: 333-207361-08
     

The information in this supplement is not complete and may be changed. This supplement is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.


The preliminary prospectus to which this is a supplement, dated March 22, 2018, may be amended or completed prior to time of sale.

 

SUPPLEMENT
(To Preliminary Prospectus Dated March 22, 2018)

 

$826,613,000 (Approximate)

CSAIL 2018-CX11 Commercial Mortgage Trust

(Central Index Key Number 0001732963)

as Issuing Entity

Credit Suisse Commercial Mortgage Securities Corp.

(Central Index Key Number 0001654060)

as Depositor

Column Financial, Inc.

(Central Index Key Number 0001628601)

Natixis Real Estate Capital LLC

(Central Index Key Number 0001542256)

Argentic Real Estate Finance LLC

(Central Index Key Number 0001624053)

Barclays Bank PLC

(Central Index Key Number 0000312070)

BSPRT Finance, LLC

(Central Index Key Number 0001722518)

as Sponsors and Mortgage Loan Sellers

Commercial Mortgage Pass-Through Certificates, Series 2018-CX11

This is a supplement (“Supplement”) to the prospectus dated March 22, 2018 (the “Preliminary Prospectus”). Capitalized terms used in this supplement but not defined herein have the meanings given to them in the Preliminary Prospectus.

Structural Update

A. Offered Class A-4 and Class A-5 Certificates

1.The Initial Certificate Balance of the Class A-4 Certificates will be decreased to $158,100,000.
2.The Initial Certificate Balance of the Class A-5 Certificates will be increased to $329,412,000.
3.With respect to the “Offered Certificates”, the relevant portion of the table set forth in “Summary of the Certificates” on page 3 of the Preliminary Prospectus relating to Class A-4 and Class A-5 is deleted and replaced with the following:

Class

Approx. Initial Certificate Balance or Notional Amount(1)

Approx. Initial Credit Support(2)

Pass-Through Rate Description

Assumed
Final
Distribution
Date(3)

Initial Approx. Pass-Through Rate

Weighted Average
Life (Yrs.)(4)

Expected Principal Window(4)

 

Offered Certificates

             
A-4 $ 158,100,000 30.000%  (5) November 2027 % 9.32 105 – 115
A-5 $ 329,412,000 30.000%  (5) March 2028 % 9.70 115 – 119

Credit Suisse Barclays Natixis
Co-Lead Manager and Joint Bookrunner Co-Lead Manager and Joint Bookrunner Co-Lead Manager and Joint Bookrunner

The date of this Supplement is March 29, 2018

  

 

 

  1. The tables with respect to the Class A-4 and Class A-5 Certificates set forth in “Yield and Maturity Considerations—Weighted Average Life” on page 471 of the Preliminary Prospectus are deleted and replaced in their entirety with the following:

Percentages of the Initial Certificate Balance of
the Class A-4 Certificates at the Specified CPYs:

 

Prepayment Assumption

Distribution Date

0% CPY

25% CPY

50% CPY

75% CPY

100% CPY

Closing Date 100% 100% 100% 100% 100%
April 2019 100 100 100 100 100
April 2020 100 100 100 100 100
April 2021 100 100 100 100 100
April 2022 100 100 100 100 100
April 2023 100 100 100 100 100
April 2024 100 100 100 100 100
April 2025 100 100 100 100 100
April 2026 100 100 100 100 100
April 2027 87 87 86 86 82
April 2028 and thereafter 0 0 0 0 0
Weighted Average Life (in years)(1) 9.32 9.28 9.25 9.22 9.05
 
(1)The weighted average life of the Class A-4 certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-4 certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the certificate balance of the Class A-4 certificates.

 

Percentages of the Initial Certificate Balance of
the Class A-5 Certificates at the Specified CPYs:

 

Prepayment Assumption

Distribution Date

0% CPY

25% CPY

50% CPY

75% CPY

100% CPY

Closing Date 100% 100% 100% 100% 100%
April 2019 100 100 100 100 100
April 2020 100 100 100 100 100
April 2021 100 100 100 100 100
April 2022 100 100 100 100 100
April 2023 100 100 100 100 100
April 2024 100 100 100 100 100
April 2025 100 100 100 100 100
April 2026 100 100 100 100 100
April 2027 100 100 100 100 100
April 2028 and thereafter 0 0 0 0 0
Weighted Average Life (in years)(1) 9.70 9.69 9.66 9.62 9.38
 
(1)The weighted average life of the Class A-5 certificates is determined by (a) multiplying the amount of each principal distribution on it by the number of years from the date of issuance of the Class A-5 certificates to the related Distribution Date, (b) summing the results and (c) dividing the sum by the aggregate amount of the reductions in the certificate balance of the Class A-5 certificates.

 

 

B. Credit Risk Retention

 

1.The relevant portion of the table titled “Range of Fair Value” set forth on page 297 of the Preliminary Prospectus relating to Class A-4, Class A-5 and Class X-A is deleted and replaced with the following:

 

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Class of Certificates

Low Estimate of Fair Value (Based on High Estimate of Discount Yield)

Base Case Fair Value

High Estimate of Fair Value (Based on Low Estimate of Discount Yield)

Class A-4 $159,679,934 $159,679,957 $159,680,450
Class A-5 $339,291,853 $339,292,089 $339,292,891
Class X-A $33,690,889 $47,590,237 $61,807,442

 

2.The final sentence of the section “Credit Risk Retention—Calculation of Estimated Fair Value” on page 297 of the Preliminary Prospectus is revised to reflect that the estimated range of fair value for all the Certificates is approximately $957,307,770 to $993,295,845.

 

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