By Cristal Cody
Eureka Springs, Ark., Jan. 23 – MJX Asset Management LLC priced $527.63 million of notes due Jan. 20, 2029 in the Venture XXVI CLO, Ltd. offering, according to a market source.
The CLO sold $336 million of class A senior secured floating-rate notes at par with a coupon of Libor plus 145 basis points; $59.85 million of class B senior secured floating-rate notes at par with a coupon of Libor plus 190 bps; $32.55 million of class C mezzanine secured deferrable floating-rate notes at par with a coupon of Libor plus 260 bps; $28.88 million of class D mezzanine secured deferrable floating-rate notes at par with a coupon of Libor plus 425 bps; $25.7 million of class E junior secured deferrable floating-rate notes at 95.5 and a coupon of Libor plus 680 bps and $44.65 million of subordinated notes.
Jefferies LLC was the placement agent.
MJX subsidiary MJX Venture Management LLC will manage the CLO, which is backed by a $500 million broadly syndicated first-lien senior secured corporate loan portfolio.
Proceeds from the transaction will be used to purchase a $500 million portfolio of mostly first-lien senior secured leveraged loans.
The New York City-based asset management firm priced three new CLO transactions and refinanced three CLOs in 2016.
| Issuer: | Venture XXVI CLO, Ltd.
|
| Amount: | $527.63 million
|
| Maturity: | Jan. 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MJX Venture Management LLC
|
| Pricing date: | Jan. 19
|
| Settlement date: | Feb. 14
|
|
|
| Class A notes
|
| Amount: | $336 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $59.85 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $32.55 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $28.88 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $25.7 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Price: | 95.5
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $44.65 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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