By Cristal Cody
Eureka Springs, Ark., June 17 – MJX Asset Management LLC priced $411.25 million of notes due July 15, 2028 in the Venture XXIII CLO, Ltd. transaction, according to a market source.
The CLO sold $2.5 million of class X senior secured floating-rate notes at Libor plus 100 basis points; $256 million of class A senior secured floating-rate notes at Libor plus 165 bps; $48 million of class B senior secured floating-rate notes at Libor plus 230 bps; $21.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 320 bps; $22.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 445 bps; $20 million of class E junior secured deferrable floating-rate notes at Libor plus 770 bps and $40.75 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the offering.
MJX will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed by a portfolio of broadly syndicated non-investment-grade loans and other assets.
MJX Asset Management priced three new CLO deals and refinanced one vintage CLO in 2015.
The asset management company is based in New York City.
| Issuer: | Venture XXIII CLO, Ltd.
|
| Amount: | $411.25 million
|
| Maturity: | July 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | June 16
|
| Settlement date: | July 15
|
|
|
| Class X notes
|
| Amount: | $2.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $21.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 445 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 770 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $40.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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