Chicago, Aug. 30 – MJX Asset Management LLC refinanced three classes of notes, totaling $375.5 million, according to a notice of revised proposed supplemental indenture on Friday.
Venture XXIV CLO, Ltd./Venture XXIV CLO, LLC priced $338 million of class A-R senior secured floating-rate notes at Libor plus 118 basis points, $22.5 million of class C-1R mezzanine secured deferrable floating-rate notes at Libor plus 240 bps and $15 million of class D-1R mezzanine secured deferrable floating-rate notes at Libor plus 390 bps.
The CLO did not refinance its $58 million of class B senior secured floating-rate notes at Libor plus 205 bps; its $12 million of class C-F 4% mezzanine secured deferrable fixed-rate notes; its $12 million of class D-2 mezzanine secured deferrable floating-rate notes at Libor plus 405 bps, its $25.5 million of class E junior secured deferrable floating-rate notes at Libor plus 672 bps or its $42.45 million of subordinated notes.
Initially, the class B notes were going to be refinanced.
Jefferies LLC was the original purchases of the notes and Citibank, NA serves as trustee.
The reset CLO classes have an extended non-call period ending with the payment date in April 2020.
As previously reported, the class A notes, class C-1 notes and class D-1 notes will be redeemed in full at par plus accrued interest on Sept. 9.
The asset management company is based in New York City.
| Issuer: | Venture XXIV CLO, Ltd./Venture XXIV CLO, LLC
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| Amount: | $375.5 million refinancing
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| Maturity: | October 2028
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Jefferies LLC
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| Manager: | MJX Asset Management LLC
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| Call feature: | April 2020
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 9
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| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
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| Amount: | $338 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 118 bps
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| Ratings: | Moody’s: Aaa expected
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| Fitch: AAA
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|
|
| Class C-1R notes
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| Amount: | $22.5 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 240 bps
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| Rating: | Moody’s: A2 expected
|
|
|
| Class D-1R loans
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| Amount: | $15 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 390 bps
|
| Rating: | Moody’s: Baa3 expected
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