By Cady Vishniac
Detroit, Jan. 21 – MJX Asset Management LLC refinanced $395.85 million of notes due Jan. 20, 2029 in a partial refinancing of the 2017 Venture XXVI CLO, Ltd. offering, according to a market source.
The CLO sold $336 million of class A-R senior secured floating-rate notes at Libor plus 110 basis points and $59.85 million of class B-R senior secured floating-rate notes at Libor plus 170 bps.
The indentures of the notes include fallback language based on SOFR.
The non-call period for the 2021 notes ends in July 2021.
Jefferies LLC is the initial purchaser of the notes.
MJX subsidiary MJX Venture Management LLC will manage the CLO.
The CLO originally sold $527.63 million of notes due Jan. 20, 2029, including $336 million of class A senior secured floating-rate notes at Libor plus 145 basis points; $59.85 million of class B senior secured floating-rate notes at Libor plus 190 bps; $32.55 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 260 bps; $28.88 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 425 bps; $25.7 million of class E junior secured deferrable floating-rate notes at 95.5 and a coupon of Libor plus 680 bps and $44.65 million of subordinated notes.
MJX is a New York City-based asset management firm.
| Issuer: | Venture XXVI CLO, Ltd.
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| Amount: | $395.85 million
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| Maturity: | Jan. 20, 2029
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Placement agent: | Jefferies LLC
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| Manager: | MJX Venture Management LLC
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| Call option: | Until July 2021
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| Announcement date: | Jan. 20
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|
|
| Class A-R notes
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| Amount: | $336 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 110 bps
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| Price: | Par
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| Ratings: | Moody’s: Aaa
|
|
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| Class B-R notes
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| Amount: | $59.85 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 170 bps
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| Price: | Par
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| Rating: | Moody’s: Aa1
|
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