By Cristal Cody
Tupelo, Miss., May 1 - MJX Asset Management LLC priced $716.7 million of notes due July 15, 2026 in a collateralized loan obligation deal, according to a market source on Thursday.
Venture XVII CLO Ltd./Venture XVII CLO LLC priced $432 million of class A floating-rate notes (/AAA/) at Libor plus 148 basis points; $33 million of class B-1 floating-rate notes at Libor plus 210 bps; $31.5 million of class B-2 floating-rate notes at Libor plus 210 bps; $74 million of class C deferrable floating-rate notes at Libor plus 285 bps; $40.5 million of class D deferrable floating-rate notes at Libor plus 375 bps; $34 million of class E deferrable floating-rate notes at Libor plus 500 bps and $71.7 million of subordinated notes.
RBC Capital Markets LLC arranged the deal.
MJX Asset Management will manage the CLO.
The CLO is non-callable until July 15, 2016. The reinvestment period ends July 15, 2018.
The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans.
MJX Asset Management was last in the market in February with the $512.77 million Venture XVI CLO Ltd./Venture XVI CLO LLC deal.
New York City-based MJX Asset Management priced three CLOs in 2013.
| Issuer: | Venture XVII CLO Ltd./Venture XVII CLO LLC
|
| Amount: | $716.7 million
|
| Maturity: | July 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | July 15, 2016
|
| Pricing date: | April 30
|
| Settlement date: | May 21
|
|
|
| Class A notes
|
| Amount: | $432 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $74 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $40.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $34 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $71.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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