MJX Asset Management, 3i Debt Management price; AAAs trade at Libor plus 145 bps-155 bps

By Cristal Cody

Tupelo, Miss., Feb. 18 - MJX Asset Management LLC and 3i Debt Management U.S. LLC brought new collateralized loan obligation deals, with 3i pricing the AAA tranche at Libor plus 135 basis points, according to informed sources on Tuesday.

MJX Asset Management sold the AAA tranche of the $512.77 million Venture XVI CLO Ltd./Venture XVI CLO LLC transaction at Libor plus 150 bps, sources said.

The deals bring year-to-date CLO issuance to more than $6 billion.

3i Debt Management's AAA tranche priced on the tight end of issuance in 2014, with most new issue AAA slices stuck in the Libor plus 150 bps to 155 bps area, sources said.

"Secondary trading, they're about 145, 155 [bps plus Libor]," one source said.

MJX brings CLO

MJX Asset Management sold $512.77 million of notes due April 15, 2026 in the Venture XVI CLO offering, according to market sources.

The CLO priced $310 million of class A-1L senior secured floating-rate notes (Aaa/AAA/) at Libor plus 150 bps; $38 million of class A-2L senior secured floating-rate notes (Aa2) at Libor plus 200 bps; $10 million of 4.395% class A-2F senior secured fixed-rate notes (Aa2) and $49 million of class A-3L mezzanine secured deferrable floating-rate notes (A2) at Libor plus 275 bps.

The CLO also priced $29 million of class B-1L mezzanine secured deferrable floating-rate notes (Baa3) at Libor plus 345 bps; $27 million of class B-2L junior secured deferrable floating-rate notes (Ba3) at Libor plus 450 bps and $49.77 million of subordinated notes.

RBS Securities Inc. arranged the deal.

MJX Asset Management will manage the CLO.

New York City-based MJX Asset Management priced three CLOs in 2013, including the $600 million Venture XIII CLO Ltd. transaction, the $590.25 million Venture XIV CLO Ltd. offering and the $614.5 million Venture XV CLO, Ltd. deal.

3i prices $416 million CLO

3i Debt Management sold $416 million of notes due April 20, 2023 in the new CLO transaction, according to an informed source.

COA Summit CLO Ltd. priced $256 million of class A-1 floating-rate notes (Aaa) at Libor plus 135 bps; $50 million of class A-2 floating-rate notes (Aa2) at Libor plus 190 bps; $22 million of class B floating-rate notes (A2) at Libor plus 280 bps; $22 million of class C floating-rate notes (Baa3) at Libor plus 385 bps; $20 million of class D floating-rate notes (Ba3) at Libor plus 440 bps and $46 million of subordinated notes.

GreensLedge Capital Markets LLC was the placement agent.

3i Debt Management will manage the CLO portfolio.

New York City-based 3i Debt Management is a joint venture with WCAS Fraser Sullivan Investment Management LLC that is majority owned by 3i Group plc.

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