By Cristal Cody
Tupelo, Miss., Feb. 24 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $461.5 million of notes due Aug. 28, 2029 in a second refinancing of a 2013 collateralized loan obligation transaction, according to a notice of revised proposed supplemental indenture on Friday.
Venture XIV CLO, Ltd./Venture XIV CLO, LLC sold $346 million of class A-R-R floating-rate notes at Libor plus 103 basis points, $60 million of class B-R-R floating-rate notes at Libor plus 155 bps and $55.5 million of class C-R-R floating-rate notes at Libor plus 225 bps.
Nomura Securities International, Inc. was the refinancing placement agent.
The refinanced CLO has an extended non-call period to but excluding the payment date in February 2021.
The original CLO was issued on Aug. 14, 2013.
In the first refinancing on Aug. 28, 2017, the CLO sold $346 million of class A-R senior secured floating-rate notes at Libor plus 125 bps, $60 million of class B-R senior secured floating-rate notes at Libor plus 177 bps; $55.5 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 255 bps; $34 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 400 bps; $31.75 million of class E-R junior secured deferrable floating-rate notes at Libor plus 708 bps and $59 million of subordinated notes as equity.
Proceeds will be used to redeem the outstanding class A-R, B-R and C-R notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The asset management firm is based in New York City.
| Issuer: | Venture XIV CLO, Ltd./Venture XIV CLO, LLC
|
| Amount: | $461.5 million refinancing
|
| Maturity: | Aug. 28, 2029
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | MJX Venture Management LLC
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| Call feature: | To but excluding payment date in February 2021
|
| Settlement date: | Feb. 28
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R-R notes
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| Amount: | $346 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 103 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R-R notes
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| Amount: | $60 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa1 expected
|
|
|
| Class C-R-R notes
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| Amount: | $55.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: A2 expected
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