By Cristal Cody
Tupelo, Miss., Dec. 28 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $527.5 million of notes due April 15, 2027 in a refinancing of the 2015 Venture XX CLO, Ltd./Venture XX CLO, LLC transaction, according to a market source and a notice of executed supplemental indenture on Wednesday.
The CLO sold $378.1 million of class A-R senior secured floating-rate notes at Libor plus 82 basis points, $61.9 million of class B-1-R senior secured floating-rate notes at Libor plus 125 bps; $10 million of class B-2-R senior secured floating-rate notes at Libor plus 125 bps; $46.1 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 190 bps and $31.4 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 270 bps.
Citigroup Global Markets Inc. arranged the transaction.
MJX Venture Management will continue to manage the CLO.
The original $616.3 million CLO priced on April 15, 2015. The CLO sold $378.1 million of class A senior secured floating-rate notes at Libor plus 149 bps; $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.
Proceeds from the transaction were used to redeem the original notes.
The refinanced CLO is backed primarily by broadly syndicated senior secured corporate loans.
MJX has priced two new CLOs and refinanced eight vintage CLOs in 2017.
The New York City-based asset management firm priced three new CLOs and refinanced three vintage CLOs in 2016.
| Issuer: | Venture XX CLO, Ltd./Venture XX CLO, LLC
|
| Amount: | $527.5 million refinancing
|
| Maturity: | April 15, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | MJX Venture Management LLC
|
| Settlement date: | Dec. 27
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $378.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 82 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $61.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $46.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $31.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: BBB
|
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