By Cristal Cody
Tupelo, Miss., June 30 – MJX Asset Management LLC priced $570.5 million of notes due July 15, 2026 in a refinancing of the 2014 Venture XVII CLO, Ltd./Venture XVII CLO, LLC transaction, according to a market source and a notice of optional redemption by refinancing and revised proposed supplemental indenture on Thursday.
The CLO sold $432 million of class A-R senior secured floating-rate notes at Libor plus 108 basis points; $33 million of class B-1-R senior secured floating-rate notes at Libor plus 160 bps; $31.5 million of class B-2-R senior secured floating-rate notes at Libor plus 160 bps and $74 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 220 bps.
RBC Capital Markets, LLC arranged the transaction.
MJX Asset Management will manage the CLO.
In the original $716.7 million transaction priced on April 30, 2014, the CLO sold $432 million of class A floating-rate notes 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.
The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.
Proceeds will be used to redeem the original class A, B-1, B-2 and C notes on July 17.
MJX has priced two new CLOs and refinanced three vintage CLOs year to date.
The New York City-based asset management firm priced three new CLO transactions and refinanced three CLOs in 2016.
| Issuer: | Venture XVII CLO, Ltd./Venture XVII CLO, LLC
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| Amount: | $570.5 million refinancing
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| Maturity: | July 15, 2026
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| Securities: | Global floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | RBC Capital Markets, LLC
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| Manager: | MJX Asset Management LLC
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| Record date: | June 30
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| Settlement date: | July 17
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| Distribution: | Rule 144A, Regulation S
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|
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| Class A-R notes
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| Amount: | $432 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 108 bps
|
| Ratings: | Moody’s: Aaa expected
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| S&P: AAA
|
|
|
| Class B-1-R notes
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| Amount: | $33 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 160 bps
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| Ratings: | Moody’s: Aa2 expected
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|
|
| Class B-2-R notes
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| Amount: | $31.5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 160 bps
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| Ratings: | Moody’s: Aa2 expected
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|
|
| Class C-R notes
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| Amount: | $74 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 220 bps
|
| Ratings: | Moody’s: A2 expected
|
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