Venture X CLO to replace $383.5 million notes in April 20 refinancing

By Angela McDaniels

Tacoma, Wash., April 3 – Venture X CLO, Ltd. and Venture X CLO, Corp. plan to refinance their secured notes on April 20, according to a notice to bondholders.

The issuers propose to redeem the existing secured notes due July 20, 2022, issue replacement securities due April 20, 2027 and extend the maturity of the existing $41.5 million subordinated notes to April 20, 2027 from July 20, 2022.

Jefferies LLC will be the underwriter.

MJX Asset Management LLC is the collateral manager.

The reinvestment period of the replacement notes will end in April 2019.

The replacement notes are expected to include $263.5 million of class A notes, $55.75 million of class B notes, $27 million of class C notes, $18.5 million of class D notes and $18.75 million of class E notes.

In the original June 2012 transaction, the issuers sold $243.14 million of class A notes at Libor plus 133 basis points, $55.75 million of class B notes at Libor plus 235 bps, $27 million of class C notes at Libor plus 325 bps, $18.5 million of class D notes at Libor plus 420 bps, $13.75 million of class E notes at Libor plus 600 bps, $5 million of class F notes at Libor plus 700 bps and the subordinated notes.

In an October 2016 refinancing, the issuers issued $243.14 million of class A-R floating-rate notes at Libor plus 122 bps, $55.75 million of class B-R floating-rate notes at Libor plus 200 bps, $27 million of class C-R floating-rate notes at Libor plus 265 bps and $18.5 million of class D-R floating-rate notes at Libor plus 410 bps and left the remaining notes outstanding.

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