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 |
Initial Approx. Pass-Through Rate |
Weighted
Average |
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
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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