By Cristal Cody
Tupelo, Miss., March 8 - Venture XIII CLO, Ltd./Venture XIII CLO, Corp. sold $600 million in a seven-tranche offering of senior secured floating-rate and subordinated notes due May 27, 2025, according to a market source.
The collateralized loan obligation transaction included $7 million of class A-X floating-rate notes (Aaa//) priced at Libor plus 120 basis points; $362.5 million of class A-1 floating-rate notes (Aaa//) at Libor plus 106 bps; $61 million of class B floating-rate notes (Aa2//) at Libor plus 183 bps; $34 million of class C floating-rate notes (A2//) at Libor plus 325 bps; $34 million of class D floating-rate notes (Baa2//) at Libor plus 375 bps; and $39.5 million of class E floating-rate notes (Ba2//) at Libor plus 580 bps; and $62 million of non-rated subordinated notes.
Jefferies LLC was the placement agent.
The CLO manager is MJX Asset Management LLC.
The offering is backed by a $576 million broadly syndicated loan portfolio.
The notes are redeemable after a two-year non-call period.
Venture XIII is a cash-flow CLO.
| Issuer: | Venture XIII CLO, Ltd./Venture XIII CLO, Corp.
|
| Amount: | $600 million
|
| Maturity: | May 27, 2025
|
| Securities: | Senior secured floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: Jefferies LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | Two years
|
| Settlement date: March 27
|
|
|
| Class A-X floating-rate notes
|
| Amount: | $7 million
|
| Securities: | Class A-X floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody's: Aaa
|
|
|
| Class A-1 floating-rate notes
|
| Amount: | $362.5 million
|
| Securities: | Class A-1 floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Ratings: | Moody's: Aaa
|
|
|
| Class B floating-rate notes
|
| Amount: | $61 million
|
| Securities: | Class B floating-rate notes
|
| Coupon: | Libor plus 183 bps
|
| Ratings: | Moody's: Aa2
|
|
|
| Class C floating-rate notes
|
| Amount: | $34 million
|
| Securities: | Class C floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Ratings: | Moody's: A2
|
|
|
| Class D floating-rate notes
|
| Amount: | $34 million
|
| Securities: | Class D floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | Moody's: Baa2
|
|
|
| Class E floating-rate notes
|
| Amount: | $39.5 million
|
| Securities: | Class E floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Ratings: | Moody's: Ba2
|
|
|
| Subordinated notes
|
| Amount: | $62 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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