By Cristal Cody
Eureka Springs, Ark., Oct. 13 – MJX Asset Management LLC refinanced $553.5 million of notes in the vintage 2013 broadly syndicated Venture XV CLO, Ltd. offering, according to a market source.
The CLO sold $374 million of class A-R floating-rate notes at Libor plus 152 basis points; $57.5 million of class B-R floating-rate notes at Libor plus 200 bps; $30 million of class C-R floating-rate notes at Libor plus 260 bps; $22.5 million of 3.85% class C-F-R fixed-rate notes; $12 million of class D-1-R floating-rate notes at Libor plus 415 bps; $20 million of class D-2-R floating-rate notes at Libor plus 480 bps and $37.5 million of class E-R floating-rate notes at Libor plus 711 bps.
Jefferies LLC was the refinancing agent.
The maturity on the refinanced notes will be extended to July 15, 2028 from the original July 15, 2025 maturity.
The CLO will have a two-year non-call period and a four-year reinvestment period.
In the original transaction, the CLO sold $374 million of class A notes at Libor plus 158 bps; $47.5 million of class B-1 floating-rate note at Libor plus 205 bps; $10 million of 4.4% class B-2 fixed-rate notes; $52.5 million of class C floating-rate notes at Libor plus 310 bps; $35.3 million of class D floating-rate notes at Libor plus 385 bps and $34.2 million of class E floating-rate notes at Libor plus 485 bps. The deal included $61 million of subordinated notes as equity.
Proceeds from the deal will be used to redeem the original notes on Oct. 17.
MJX Asset Management has priced two new CLO transactions and refinanced two CLOs year to date.
The New York City-based asset management company brought three new CLO deals and refinanced one vintage CLO in 2015.
| Issuer: | Venture XV CLO, Ltd.
|
| Amount: | $553.5 million
|
| Maturity: | July 15, 2028
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 17
|
|
|
| Class A-R notes
|
| Amount: | $374 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $57.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-F-R notes
|
| Amount: | $22.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.85%
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-1-R notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-2-R notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 480 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-R notes
|
| Amount: | $37.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 711 bps
|
| Rating: | Moody’s: Ba3 expected
|
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