AXA prices $406.25 million CLO in first deal of year; MJX refinances $601.6 million notes

By Cristal Cody

Tupelo, Miss., Dec. 24 – AXA Investment Managers, Inc. priced $406.25 million of notes in December in the manager’s first CLO offering of 2020.

In other pricing action, MJX Asset Management LLC refinanced $601.6 million of notes in a second reprint of a 2016 vintage broadly syndicated CLO.

Deal volume has been strong in December with more than $7 billion of new and refinanced CLOs in the market, sources said.

Year to date, more than $86 billion of dollar-denominated CLOs, over €22 billion of euro-denominated CLOs and about $8 billion of middle-market CLOs have priced.

CLO refinancing volume totals more than $32 billion this year.

Allegro CLO XII prints

AXA Investment Managers priced $406.25 million of notes due Jan. 21, 2032 in the new CLO, according to market sources.

Allegro CLO XII, Ltd./Allegro CLO XII LLC sold $248 million of the class A-1 senior secured floating-rate notes at Libor plus 125 basis points.

BNP Paribas Securities Corp. was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

AXA Investment Managers was last in the primary market in 2019 with two CLO deals.

Greenwich, Conn.-based AXA is an asset management firm and subsidiary of Paris-based AXA Group.

MJX reprices Venture XXV

MJX Asset Management priced $601.6 million of notes due April 20, 2029 in the second refinancing of a 2016 vintage broadly syndicated CLO, according to a notice of proposed supplemental indenture.

Venture XXV CLO, Ltd. sold $384 million of class A-RR senior secured floating-rate notes at Libor plus 102 bps in the AAA-rated tranche.

Jefferies LLC was the refinancing placement agent.

In the original $601.6 million transaction issued Dec. 20, 2016, the CLO sold $369 million of class A-1 senior secured floating-rate notes at Libor plus 149 bps and $15 million of 3.1% class A-F senior secured fixed-rate notes.

The CLO refinanced the original CLO’s $369 million of class A-1 senior secured floating-rate notes and $15 million of class A-F senior secured fixed-rate notes on Dec. 13, 2019.

In the first refinancing, the CLO sold $384 million of class A-R senior secured floating-rate notes at Libor plus 123 bps.

The asset management company is based in New York City.

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