By Cristal Cody
Tupelo, Miss., March 24 – MJX Asset Management LLC priced $616.3 million of notes due April 15, 2027 in the Venture XX CLO, Ltd./Venture XX CLO LLC transaction, according to a market source.
The CLO sold $378.1 million of class A senior secured floating-rate notes at Libor plus 149 basis points; $61.9 million of class B-1 senior secured floating-rate notes at Libor plus 210 bps; $10 million of 2.1% class B-2 senior secured fixed-rate notes; $46.1 million of class C deferrable floating-rate notes at Libor plus 315 bps; $31.4 million of class D deferrable floating-rate notes at Libor plus 385 bps; $16.5 million of class E-1 deferrable floating-rate notes at Libor plus 500 bps; $8 million of class E-2 deferrable floating-rate notes at Libor plus 694 bps; $13.8 million of class F deferrable floating-rate notes at Libor plus 630 bps and $50.5 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
MJX Asset Management will manage the CLO.
The CLO is non-callable until April 15, 2017. The reinvestment period ends April 15, 2019.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
MJX, a New York City-based asset management company, brought four CLO transactions in 2014.
| Issuer: | Venture XX CLO, Ltd./Venture XX CLO LLC
|
| Amount: | $616.3 million
|
| Maturity: | April 15, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | April 15, 2017
|
| Pricing date: | March 13
|
| Settlement date: | April 15
|
|
|
| Class A notes
|
| Amount: | $378.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $61.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $46.1 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $31.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E-1 notes
|
| Amount: | $16.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E-2 notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 694 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | $13.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $50.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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