MJX sells $716.7 million Venture XVII; ING Alternative Asset preps $516.6 million CLO deal

By Cristal Cody

Tupelo, Miss., May 1 - MJX Asset Management LLC priced the $716.7 million Venture XVII CLO Ltd./Venture XVII CLO LLC deal, according to a market source on Thursday.

The CLO priced the AAA tranche at Libor plus 148 basis points.

About $17 billion of CLO transactions are in the pipeline with a "pickup expected" in the May calendar following strong issuance in March and April, according to a market source.

More than $11 billion of CLOs priced in April.

Coming up, ING Alternative Asset Management LLC plans to offer the $516.6 million Voya CLO 2014-2, Ltd./Voya CLO 2014 LLC deal, according to a market source.

MJX sells $716.7 million

MJX Asset Management priced $716.7 million of notes due July 15, 2026 in the CLO deal via RBC Capital Markets LLC, according to a market source on Thursday.

The Venture XVII CLO priced $432 million of class A floating-rate notes (/AAA/) at Libor plus 148 bps; $33 million of class B-1 floating-rate notes at Libor plus 210 bps; $31.5 million of class B-2 floating-rate notes at Libor plus 210 bps; $74 million of class C deferrable floating-rate notes at Libor plus 285 bps; $40.5 million of class D deferrable floating-rate notes at Libor plus 375 bps; $34 million of class E deferrable floating-rate notes at Libor plus 500 bps and $71.7 million of subordinated notes.

MJX Asset Management will manage the CLO.

The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans.

New York City-based MJX Asset Management priced the $512.77 million Venture XVI CLO Ltd./Venture XVI CLO LLC deal in February.

ING preps deal

ING Alternative Asset Management's offering includes $516.6 million of notes due 2026, according to a market source.

The $320 million tranche of class A-1 floating-rate notes (//AAA) are talked to price at Libor plus 145 bps, while the deal also includes $57.3 million of class A-2 floating-rate notes; $25 million of class B floating-rate notes; $32.8 million of class C floating-rate notes; $28.4 million of class D floating-rate notes; $5 million of class E floating-rate notes and $48.1 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

ING Alternative Asset Management will manage the CLO.

The CLO is secured primarily by senior secured corporate loans.

Proceeds from the offering will be used to purchase a portfolio of about $500 million of leveraged loans.

New York City-based ING Alternative Asset Management sold $326.5 million in the refinancing of the ING IM CLO 2012-1, Ltd. deal on March 6 and priced the $412.85 million ING IM CLO 2014-1, Ltd./ING IM CLO 2014-1 LLC transaction on Feb. 5.

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