By Cristal Cody
Tupelo, Miss., Nov. 19 – MJX Asset Management LLC priced $451.87 million of notes due Nov. 24, 2031 in the Venture 40 CLO, Ltd./Venture 40 CLO, LLC broadly syndicated collateralized loan obligation transaction, according to market sources.
The CLO sold $270 million of class A-1 senior secured floating-rate notes at Libor plus 136 basis points, $22.5 million of class A-2 senior secured floating-rate notes at Libor plus 165 bps, $39.5 million of class B-1 senior secured floating-rate notes at Libor plus 210 bps and $10 million of 2.6% class B-F senior secured fixed-rate notes.
Venture 40 also priced $27 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 275 bps, $18 million of class D-1 mezzanine secured deferrable floating-rate notes at Libor plus 459 bps, $9 million class D-2 mezzanine secured deferrable floating-rate notes at Libor plus 526 bps, $15.75 million of class E junior secured deferrable floating-rate notes at Libor plus 851 bps and $40.12 million of subordinated notes.
Jefferies LLC was the placement agent.
The CLO has a one-year non-call period and three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
MJX has priced two new CLOs year to date.
The asset management firm is based in New York City.
| Issuer: | Venture 40 CLO, Ltd./Venture 40 CLO, LLC
|
| Amount: | $451.87 million
|
| Maturity: | Nov. 24, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | One year
|
| Settlement date: | Nov. 24
|
|
|
| Class A-1 notes
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 136 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | $39.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-F notes
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| Amount: | $10 million
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| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.6%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $18 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 459 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $9 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 526 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 851 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.12 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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