By Cristal Cody
Tupelo, Miss., Aug. 29 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $586.25 million of notes in a refinancing and reset of the 2013 Venture XIV CLO, Ltd./Venture XIV CLO, LLC transaction, according to a market source and a notice of executed amended and restated indenture on Monday.
The CLO sold $346 million of class A-R senior secured floating-rate notes at Libor plus 125 basis points, $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.
Jefferies LLC arranged the transaction.
The management of the refinanced CLO was transferred to MJX Venture Management from MJX Asset Management.
The original CLO was issued on Aug. 14, 2013.
The maturity was extended by four years to Aug. 28, 2029.
The refinanced CLO has an extended two-year non-call period and four-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the transaction were used to redeem the original notes on Monday.
The New York City-based asset management firm priced three new CLO transactions and refinanced three CLOs in 2016.
| Issuer: | Venture XIV CLO, Ltd./Venture XIV CLO, LLC
|
| Amount: | $586.25 million refinancing
|
| Maturity: | Aug. 28, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | MJX Venture Management LLC
|
| Call feature: | Aug. 28, 2019
|
| Settlement date: | Aug. 28
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $346 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 177 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $55.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $34 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $31.75 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 708 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $59 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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