Permira sells €382.2 million CLO; Bain Capital refinances 2015 CLO; MJX eyes reprint

By Cristal Cody

Tupelo, Miss., June 27 – Permira Debt Managers Group Holdings Ltd. priced a new €382.2 million euro-denominated CLO in its first offering since tapping the primary market in 2018.

In other action, Bain Capital Credit Ltd. refinanced $346.15 million of notes from a vintage 2015 CLO deal.

Also, MJX Asset Management LLC plans a second refinancing of a vintage 2013 CLO.

Permira prices Providus III

Permira Debt Managers Group Holdings priced €382.2 million of notes due July 20, 2032 in the CLO offering on Thursday, according to market sources.

The Providus CLO III DAC deal included €232.5 million of class A senior secured floating-rate notes (//AAA).

Merrill Lynch International was the placement agent.

The broadly syndicated CLO is backed mainly by senior secured obligations.

The CLO manager was last in the primary market with the €361.3 million Providus CLO II DAC transaction issued Dec. 20, 2018. Permira Debt Managers priced two euro-denominated CLOs in 2018.

The structured credit firm is based in London.

Bain Capital refinances

Bain Capital Credit refinanced $346.15 million of notes due Jan. 15, 2028 from the vintage 2015 Avery Point CLO VII, Ltd./Avery Point CLO VII, Corp. transaction, according to a market source and a notice of optional redemption and revised supplemental indenture.

The CLO sold $252 million of the class A-R senior secured floating-rate notes (expected ratings Aaa//AAA) at Libor plus 114 basis points.

Credit Suisse Securities (USA) LLC was the refinancing placement agent.

Bain Capital, formerly known as Sankaty Advisors LP, will manage the CLO.

In the original $408.48 million transaction issued Dec. 22, 2015, the CLO priced $232 million of class A-1 senior secured floating-rate notes at Libor plus 150 bps and $20 million of 3.2% class A-2 senior secured fixed-rate notes.

Proceeds were used to redeem the original class A-D notes.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Bain Capital Credit is an asset management firm based in Boston.

MJX to reprice 2013 CLO

MJX Asset Management plans a second refinancing of a vintage 2013 broadly syndicated CLO offering, according to a notice of proposed supplemental indenture.

The Venture XV CLO, Ltd. reprint includes class A-R2 senior secured floating-rate notes (expected ratings Aaa//AAA); class A senior secured floating-rate loans (expected ratings Aaa//AAA); class B-R2 senior secured floating-rate notes (expected rating Aa2); class C-R2 mezzanine secured deferrable floating-rate notes (expected rating A2); class D-R2 mezzanine secured deferrable floating-rate notes (expected rating Baa3) and class E-R2 mezzanine secured deferrable floating-rate notes (expected rating Ba3).

Jefferies LLC is the refinancing placement agent.

In the original transaction issued Dec. 12, 2013, 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.

The CLO issued $553.5 million of notes due July 15, 2028 in a reset of the original notes on Oct. 17, 2016. In the first refinancing, the CLO priced $374 million of class A-R floating-rate notes at Libor plus 152 bps; $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.

Proceeds from the deal will be used to redeem the outstanding notes on July 15.

MJX Asset Management has priced two new CLO transactions year to date.

The asset management company is based in New York City.

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