By Cristal Cody
Tupelo, Miss., Dec. 24 – MJX Asset Management LLC priced $601.6 million of notes due April 20, 2029 in a second refinancing of a 2016 vintage broadly syndicated collateralized loan obligation, 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 basis points, $68.5 million of class B-RR senior secured floating-rate notes at Libor plus 170 bps; $21.5 million of class C-1R mezzanine secured deferrable floating-rate notes at Libor plus 215 bps; $18 million of 2.553% class C-FR mezzanine secured deferrable fixed-rate notes and $12 million of class D-1R mezzanine secured deferrable floating-rate notes at Libor plus 350 bps.
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; $15 million of 3.1% class A-F senior secured fixed-rate notes; $68.5 million of class B senior secured floating-rate notes at Libor plus 200 bps; $15 million of class C-1 deferrable floating-rate notes at Libor plus 260 bps; $24.5 million of 4.45% class C-F deferrable fixed-rate notes; $12 million of class D-1 deferrable floating-rate notes at Libor plus 430 bps; $18.75 million of class D-2 deferrable floating-rate notes at Libor plus 421 bps; $29.25 million of class E deferrable floating-rate notes at Libor plus 720 bps and $49.6 million of subordinated notes.
The CLO priced $384 million of notes in the first refinancing on Dec. 13, 2019, refinancing 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.
In the first refinancing, the CLO sold $384 million of class A-R senior secured floating-rate notes at Libor plus 123 bps.
The second refinanced notes will have a non-call period to but excluding July 20, 2021.
Proceeds will be used to redeem the outstanding notes on Jan. 20.
The asset management company is based in New York City.
| Issuer: | Venture XXV CLO, Ltd.
|
| Amount: | $601.6 million refinancing
|
| Maturity: | April 20, 2029
|
| Securities: | Floating- and fixed-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | MJX Venture Management III LLC
|
| Call feature: | To but excluding July 20, 2021
|
| Settlement date: | Jan. 20
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-RR notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Ratings: | Moody’s: Aaa expected
|
|
|
| Class B-R notes
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| Amount: | $68.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Moody’s: Aa2 expected
|
|
|
| Class C-1R notes
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| Amount: | $21.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 215 bps
|
| Ratings: | Moody’s: A2 expected
|
|
|
| Class C-FR notes
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| Amount: | $18 million
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| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 2.553%
|
| Ratings: | Moody’s: A2 expected
|
|
|
| Class D-1R notes
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| Amount: | $12 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Moody’s: Baa1 expected
|
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