By Cristal Cody
Tupelo, Miss., Dec. 6 – MJX Asset Management LLC priced $384 million of notes in a partial refinancing of a 2016 vintage broadly syndicated collateralized loan obligation offering, according to a notice of revised proposed supplemental indenture on Thursday.
Venture XXV CLO, Ltd. sold the class A-R senior secured floating-rate notes (expected ratings Aaa//AAA) at Libor plus 123 basis points.
Jefferies LLC and Mizuho Securities USA Inc. were the refinancing placement agents.
The CLO refinanced the original CLO’s $369 million of class A-1 senior secured floating-rate notes and $15 million of class A-F senior secured fixed-rate notes.
In the original $601.6 million transaction issued Dec. 20, 2016, the CLO had sold the class A-1 senior secured floating-rate notes at Libor plus 149 bps and the class A-F senior secured fixed-rate notes with a 3.1% coupon.
The notes are due April 20, 2029.
The refinanced notes will have a non-call period to but excluding Dec. 13, 2020.
The reinvestment period ends March 20, 2021.
Proceeds will be used to redeem the class A-1 and A-F notes on Dec. 13. The other tranches in the original CLO will remain outstanding.
The asset management company is based in New York City.
| Issuer: | Venture XXV CLO, Ltd.
|
| Amount: | $384 million refinancing
|
| Maturity: | April 20, 2029
|
| Securities: | Senior secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agents: | Jefferies LLC and Mizuho Securities USA Inc.
|
| Manager: | MJX Venture Management III LLC
|
| Coupon: | Libor plus 123 bps
|
| Call feature: | To but excluding Dec. 13, 2020
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
| Notice date: | Dec. 5
|
| Settlement date: | Dec. 13
|
| Distribution: | Rule 144A and Regulation S
|
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