By Cristal Cody
Tupelo, Miss., Aug. 16 - MJX Asset Management LLC sold $590.25 million in the new Venture XIV CLO Ltd./Venture XIV CLO LLC offering of notes due Aug. 28, 2025, according to market sources on Friday.
The Venture XIV CLO priced $4 million of class X notes (Aaa/AAA/) at Libor plus 100 basis points; $335 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 135 bps; $20 million of 3.115% class A-2 senior secured fixed-rate notes (Aaa/AAA/); $49 million of class B-1 senior secured floating-rate notes (Aa2) at Libor plus 185 bps; $2 million of 3.97% class B-2 senior secured fixed-rate notes (Aa2); $55.5 million of class C mezzanine secured deferrable floating-rate notes (A2) at Libor plus 275 bps; $34 million of class D mezzanine secured deferrable floating-rate notes (Baa3) at Libor plus 375 bps; $31.75 million of class E junior secured deferrable floating-rate notes (Ba2) at Libor plus 410 bps and $59 million of subordinated notes.
Morgan Stanley & Co. LLC was the underwriter.
MJX Asset Management will manage the CLO.
The non-callable period ends Aug. 28, 2015, and the reinvestment period ends Aug. 28, 2017.
The CLO is backed by a revolving pool of U.S. dollar-denominated broadly syndicated corporate first-lien senior secured corporate loans. The collateral pool is expected to be about 70% ramped at closing.
The New York City-based firm last priced a CLO in March when it brought the $600 million Venture XIII CLO Ltd. deal.
Issuer: | Venture XIV CLO Ltd./Venture XIV CLO LLC
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Amount: | $590.25 million
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Maturity: | Aug. 28, 2025
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Securities: | Floating-rate, fixed-rate and subordinated notes
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Structure: | Cash-flow CLO
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Placement agent: | Morgan Stanley & Co. LLC
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Manager: | MJX Asset Management LLC
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Call feature: | Aug. 28, 2015
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Settlement date: | Aug. 28
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Class X notes
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Amount: | $4 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 100 bps
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Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
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Class A-1 notes
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Amount: | $335 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 135 bps
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Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
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Class A-2 notes
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Amount: | $20 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.115%
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Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
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Class B-1 notes
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Amount: | $49 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 185 bps
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Rating: | Moody's: Aa2
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Class B-2 notes
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Amount: | $2 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.97%
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Rating: | Moody's: Aa2
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Class C notes
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Amount: | $55.5 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 275 bps
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Rating: | Moody's: A2
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Class D notes
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Amount: | $34 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 375 bps
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Rating: | Moody's: Baa3
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Class E notes
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Amount: | $31.75 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | Libor plus 410 bps
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Rating: | Moody's: Ba2
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Equity tranche
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Amount: | $59 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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