MJX Asset Management to price $457.5 million notes in second refinancing of Venture XIII CLO

By Cristal Cody

Tupelo, Miss., Feb. 21 – MJX Asset Management LLC affiliate MJX Venture Management LLC plans to price $457.5 million of notes due Sept. 10, 2029 in a second refinancing of a vintage 2013 collateralized loan obligation, according to a notice of proposed supplemental indenture on Thursday.

The Venture XIII CLO, Ltd./Venture XIII CLO, LLC deal includes $362.5 million of class A-R2 senior secured floating-rate notes (expected rating Aaa), $61 million of class B-R2 senior secured floating-rate notes (expected rating Aa2) and $34 million of class C-R2 mezzanine secured deferrable floating-rate notes (expected rating A1).

Goldman Sachs & Co. LLC is the refinancing placement agent.

The original $600 million CLO was issued on March 25, 2013.

The CLO had priced $7 million of class A-X floating-rate notes at Libor plus 120 basis points; $362.5 million of class A-1 floating-rate notes at Libor plus 106 bps; $61 million of class B floating-rate notes at Libor plus 183 bps; $34 million of class C floating-rate notes at Libor plus 325 bps; $34 million of class D floating-rate notes at Libor plus 375 bps; $39.5 million of class E floating-rate notes at Libor plus 580 bps and $62 million of subordinated notes.

In the first $593 million refinancing on Sept. 17, 2017, the CLO sold $362.5 million of class A-R senior secured floating-rate notes at Libor plus 124 bps, $61 million of class B-R senior secured floating-rate notes at Libor plus 170 bps; $34 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 230 bps; $34 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 330 bps; $39.5 million of class E-R junior secured deferrable floating-rate notes at Libor plus 675 bps and $62 million of subordinated notes.

Proceeds will be used to redeem the outstanding notes.

The refinanced CLO is backed primarily by broadly syndicated senior secured corporate loans.

MJX is an asset management firm based in New York City.

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