By Cristal Cody
Tupelo, Miss., June 9 – MJX Asset Management LLC priced $718.75 million of notes due July 15, 2027 in the Venture XXI CLO, Ltd./Venture XXI CLO Corp. transaction, according to a market source.
The CLO priced $436.25 million of class A senior secured floating-rate notes at Libor plus 149 basis points; $84 million of class B senior secured floating-rate notes at Libor plus 190 bps; $55.5 million of class C deferrable floating-rate notes at Libor plus 280 bps; $36.75 million of class D deferrable floating-rate notes at Libor plus 360 bps; $31.5 million of class E deferrable floating-rate notes at Libor plus 480 bps; $15.75 million of class F deferrable floating-rate notes at Libor plus 660 bps and $59 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
MJX Asset Management is the CLO manager.
The CLO has a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans and eligible investments.
MJX Asset Management has priced two CLOs and refinanced a vintage 2012 CLO year to date.
The New York City-based asset management company brought four CLO transactions in 2014.
| Issuer: | Venture XXI CLO, Ltd./Venture XXI CLO Corp.
|
| Amount: | $718.75 million
|
| Maturity: | July 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | 2017
|
| Pricing date: | June 4
|
| Settlement date: | June 30
|
|
|
| Class A notes
|
| Amount: | $436.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $55.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $36.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 480 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | $15.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $59 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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