MJX refinances $593 million 2013 CLO notes; CSAM prices $519 million in reset of 2007 CLO

By Cristal Cody

Tupelo, Miss., Sept. 12 – MJX Asset Management LLC returned to the CLO market to refinance its fifth CLO deal year to date.

MJX affiliate MJX Venture Management LLC priced $593 million of notes in a refinancing of a 2013 CLO.

MJX was the first CLO manager to price a deal in 2017 when it sold the $527.63 million Venture XXVI CLO, Ltd. offering on Jan. 19.

The CLO refinancing pace remains steady.

Credit Suisse Asset Management, LLC refinanced $519 million of notes in a reset of a 2007 CLO transaction. The deal is the CLO manager’s seventh refinancing transaction of the year.

More than $117 billion of CLOs have been refinanced year to date, according to market sources.

In other activity, securitized secondary trading was light on Monday, according to Trace. The session had $30.24 million of high-grade CBO/CDO/CLO issues and $75 million of non-investment-grade securities trade.

In its deal, MJX Venture Management priced $593 million of notes in a refinancing and reset of the 2013 Venture XIII CLO, Ltd./Venture XIII CLO, LLC transaction, according to a market source and a notice of executed amended and restated indenture on Tuesday.

The CLO sold $362.5 million of class A-R senior secured floating-rate notes at Libor plus 124 basis points in the senior tranche.

Jefferies LLC arranged the transaction.

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