MJX Asset Management to reprice notes and loans from 2016 Venture XXIV CLO offering

By Cristal Cody

Tupelo, Miss., July 29 – MJX Asset Management LLC plans to refinance notes and loans due Oct. 17, 2028 from the 2016 vintage Venture XXIV CLO, Ltd. offering, according to a notice of proposed amendment and restatement of indenture.

The deal includes class A-X amortizing senior secured floating-rate notes (expected ratings Aaa), class A-1R senior secured floating-rate notes (expected ratings Aaa), class A-2R senior secured floating-rate loans (expected ratings Aaa), class A-2R senior secured floating-rate notes (expected ratings Aaa), class B-R senior secured floating-rate notes (expected ratings Aa2), class C-R mezzanine secured deferrable floating-rate notes (expected ratings A2), class D-R mezzanine secured deferrable floating-rate notes (expected ratings Baa3), class E-R mezzanine secured deferrable floating-rate notes (expected ratings Ba3) and subordinated notes.

Jefferies LLC is the refinancing placement agent.

MJX will continue to manage the CLO.

The original $525.45 million deal was issued Sept. 20, 2016. The CLO priced $129 million of class A-1D floating-rate notes at Libor plus 142 basis points, $79 million of class A-1P floating-rate notes at Libor plus 156 bps, $86 million of class A-2A loans at Libor plus 147 bps, $14 million of class A-2B floating-rate notes at Libor plus 180 bps and $30 million of 2.71% class A-F fixed-rate notes.

The CLO also had priced $58 million of class B floating-rate notes at Libor plus 205 bps; $22.5 million of class C-1 floating-rate notes at Libor plus 290 bps; $12 million of 4% class C-F fixed-rate notes; $15 million of class D-1 floating-rate notes at Libor plus 425 bps; $12 million of class D-2 floating-rate notes at Libor plus 405 bps; $25.5 million of class E floating-rate notes at Libor plus 672 bps and $42.45 million of subordinated notes.

Proceeds will be used to redeem the outstanding notes on Aug. 23.

The CLO is backed primarily by broadly syndicated loans.

MJX Asset Management is a New York City-based asset management company.

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