By Cristal Cody
Tupelo, Miss., Aug. 16 - MJX Asset Management LLC sold $590.25 million in the new Venture XIV CLO Ltd./Venture XIV CLO LLC offering of notes due Aug. 28, 2025, according to market sources on Friday.
The Venture XIV CLO priced $4 million of class X notes (Aaa/AAA/) at Libor plus 100 basis points; $335 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 135 bps; $20 million of 3.115% class A-2 senior secured fixed-rate notes (Aaa/AAA/); $49 million of class B-1 senior secured floating-rate notes (Aa2) at Libor plus 185 bps; $2 million of 3.97% class B-2 senior secured fixed-rate notes (Aa2); $55.5 million of class C mezzanine secured deferrable floating-rate notes (A2) at Libor plus 275 bps; $34 million of class D mezzanine secured deferrable floating-rate notes (Baa3) at Libor plus 375 bps; $31.75 million of class E junior secured deferrable floating-rate notes (Ba2) at Libor plus 410 bps and $59 million of subordinated notes.
Morgan Stanley & Co. LLC was the underwriter.
MJX Asset Management will manage the CLO.
The non-callable period ends Aug. 28, 2015, and the reinvestment period ends Aug. 28, 2017.
The CLO is backed by a revolving pool of U.S. dollar-denominated broadly syndicated corporate first-lien senior secured corporate loans. The collateral pool is expected to be about 70% ramped at closing.
The New York City-based firm last priced a CLO in March when it brought the $600 million Venture XIII CLO Ltd. deal.
| Issuer: | Venture XIV CLO Ltd./Venture XIV CLO LLC
|
| Amount: | $590.25 million
|
| Maturity: | Aug. 28, 2025
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | Aug. 28, 2015
|
| Settlement date: | Aug. 28
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $335 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.115%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $2 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.97%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $55.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $34 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $31.75 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Equity tranche
|
| Amount: | $59 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
