By Cristal Cody
Tupelo, Miss., Dec. 23 – MJX Asset Management LLC priced $400.5 million of notes due Jan. 15, 2028 in a new collateralized loan obligation deal, according to a market source.
Venture XXII CLO, Ltd./Venture XXII CLO LLC brought $222 million of class A-1L floating-rate notes at Libor plus 150 basis points, $15 million of 3.22% class A-1F fixed-rate notes and $20 million of class A-2 floating-rate notes at Libor plus 180 bps.
The CLO sold $20.29 million of class B-1L floating-rate notes at Libor plus 250 bps and $23.16 million of 4.25% class B-1F fixed-rate notes.
Venture XXII CLO priced $10.55 million of class C-1L floating-rate notes at Libor plus 335 bps and $10 million of 5% class C-1F fixed-rate notes.
The CLO placed $9 million of class D-1 floating-rate notes at Libor plus 450 bps and $16 million of class D-2 floating-rate notes at Libor plus 535 bps.
The CLO also printed $22 million of class E floating-rate notes at Libor plus 675 bps and $8 million of class F floating-rate notes at Libor plus 785 bps.
The deal included $24.5 million of subordinated notes.
Jefferies LLC arranged the transaction.
MJX Asset Management will manage the CLO, which 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.
Proceeds from the deal will be used to purchase a portfolio of about $400 million of leveraged loans.
MJX Asset Management has priced three new CLOs and refinanced one vintage CLO in 2015.
The New York City-based asset management company brought four CLO transactions in 2014.
| Issuer: | Venture XXII CLO, Ltd./Venture XXII CLO LLC
|
| Amount: | $400.5 million
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 22
|
| Settlement date: | Jan. 28
|
| Distribution: | Rule 144A
|
|
|
| Class A-1L notes
|
| Amount: | $222 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.22%
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1L notes
|
| Amount: | $20.29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-1F notes
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| Amount: | $23.16 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.25%
|
| Ratings: | Non-rated
|
|
|
| Class C-1L notes
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| Amount: | $10.55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-1F notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5%
|
| Ratings: | Non-rated
|
|
|
| Class D-1 notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-2 notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 535 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
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| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
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| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 785 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $24.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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