CLO market quiet as week kicks off; Venture XIV’s planned refinancing gets rated

By Stephanie N. Rotondo

Seattle, Aug. 14 – CLO refinancing activity ground to a halt in Monday trading.

Of the day’s dealings, Moody’s Investors Service assigned provisional ratings to Venture XIV CLO, Ltd./Venture XIV CLO, LLC proposed $586.25 million refinancing, a deal that was first announced Aug. 8.

Under the terms of the deal, Venture is offering $346 million of class A-R senior secured floating-rate notes due 2029, which Moody’s gave a rating of Aaa (sf). Another $60 million of class B-R senior secured floating-rate notes due 2029 were rated Aa1(sf).

As for the $55.5 million of class C-R mezzanine secured deferrable floating-rate notes due 2029, they were assigned a rating of A2(sf), while the $34 million of class D-R mezzanine secured deferrable floating-rate notes due 2029 got a provisional rating of Baa3(sf).

Moody’s also assigned a Ba3(sf) rating to the $31.75 million of class E-R junior secured deferrable floating-rate notes due 2029.

The company is also expected to price $59 million of subordinated notes.

Moody’s said the deal is expected to price Aug. 28.

Proceeds will be used to fully redeem the issuer’s existing 2013 secured notes.

Citibank, NA is the trustee.

New York City-based MJX Asset Management LLC is the collateral manager.

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