By Cristal Cody
Tupelo, Miss., June 21 – MJX Asset Management LLC priced $537,100,003 of notes due July 20, 2030 in the Venture XXVIII CLO, Ltd./Venture XXVIII CLO, LLC transaction, according to market sources.
The CLO sold $132,631,579 of class A-1 senior secured floating-rate notes at Libor plus 128 basis points; $203,368,422 of class A-2 senior secured floating-rate notes at Libor plus 111 bps; $37,368,422 of class B-1 senior secured floating-rate notes at Libor plus 170 bps; $22,131,579 of 3.8% class B-F senior secured fixed-rate notes; $16,157,895 of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 250 bps; $16,842,106 of 4.5% class C-F mezzanine secured deferrable fixed-rate notes; $29 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 400 bps; $25.5 million of class E junior secured deferrable floating-rate notes at Libor plus 615 bps and $54.1 million of subordinated notes.
Jefferies LLC and MUFG arranged the transaction.
MJX affiliate MJX Venture Management II LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.
Proceeds will be used to purchase a $525 million portfolio of mostly first lien senior secured leverage loans.
MJX has priced two new CLOs and refinanced two vintage CLOs year to date.
The New York City-based asset management firm priced three new CLO transactions and refinanced three CLOs in 2016.
Issuer: | Venture XXVIII CLO, Ltd./Venture XXVIII CLO, LLC
|
Amount: | $537,100,003
|
Maturity: | July 20, 2030
|
Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agents: | Jefferies LLC and MUFG
|
Manager: | MJX Venture Management II LLC
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Call feature: | Two years
|
Pricing date: | June 14
|
Settlement date: | July 17
|
Distribution: | Rule 144A, Regulation S
|
|
Class A-1 notes
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Amount: | $132,631,579
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 128 bps
|
Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
Class A-2 notes
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Amount: | $203,368,422
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 111 bps
|
Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
Class B-1 notes
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Amount: | $37,368,422
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 170 bps
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Ratings: | Moody’s: Aa2
|
|
Class B-F notes
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Amount: | $22,131,579
|
Securities: | Senior secured fixed-rate notes
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Coupon: | 3.8%
|
Ratings: | Moody’s: Aa2
|
|
Class C-1 notes
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Amount: | $16,157895
|
Securities: | Mezzanine secured deferrable floating-rate notes
|
Coupon: | Libor plus 250 bps
|
Ratings: | Moody’s: A2
|
|
Class C-F notes
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Amount: | $16,842,106
|
Securities: | Mezzanine secured deferrable fixed-rate notes
|
Coupon: | 4.5%
|
Ratings: | Moody’s: A2
|
|
Class D notes
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Amount: | $29 million
|
Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 400 bps
|
Ratings: | Moody’s: Baa3
|
|
Class E notes
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Amount: | $25.5 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | Libor plus 615 bps
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Ratings: | Moody’s: Ba3
|
|
Equity
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Amount: | $54.1 million
|
Securities: | Subordinated notes
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Ratings: | Non-rated
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