CBAM, MJX Asset Management reprice fixed-rate tranches from 2017 CLOs; secondary active

By Cristal Cody

Tupelo, Miss., Aug. 18 – CLO refinancings of fixed-rate tranches in August continues with two more CLO managers repricing notes.

CBAM CLO Management LLC refinanced $87.5 million of notes from a vintage 2017 CLO deal.

MJX Asset Management LLC also priced $50.7 million of fixed-rate notes in a refinancing of two tranches from a 2017 CLO.

As previously reported, CLO managers including Apex Credit Partners LLC, Invesco Senior Secured Management, Inc., Fortress Investment Group LLC affiliate FCOD CLO Management LLC and MJX Asset Management LLC also have repriced vintage CLO notes in August.

Refinancing volume totals about $26 billion year to date.

New issue supply totals about $45 billion so far this year, according to market sources.

Elsewhere, the secondary market was active on Monday following heavy supply last week.

On Monday, $400.83 million of high-grade CBO/CDO/CLO paper was traded at an average 98.50, along with $110.47 million of lower-rated notes that traded at an 83.40 average price, according to Trace data.

Last week, volume topped $1 billion over trading sessions on Tuesday and Thursday for investment-grade issues, which traded at an average 97.50 headed into the weekend.

CBAM reprices CLO

CBAM CLO Management refinanced $87.5 million of CLO notes due July 22, 2030, according to market sources.

CBAM 2017-1, Ltd./CBAM 2017-1 LLC priced the class A-2-R fixed-rate notes with a 2.488% coupon.

MUFG was the refinancing placement agent.

The notes were originally priced with a 3.44% coupon as part of the $1,567,500,000 2017-1 CLO transaction that was issued June 29, 2017.

The CLO is collateralized mainly by first-lien senior secured loans.

The firm is an affiliate of New York-based asset management firm CBAM Partners, LLC.

MJX refinances

MJX Asset Management priced $50.7 million of fixed-rate notes in a refinancing of two tranches from its vintage Venture XXVIII CLO, Ltd./Venture XXVIII CLO, LLC transaction, according to market sources.

The CLO priced $27.8 million of 3.287% class B-FR senior secured fixed-rate notes and $22.9 million of 4.25% class C-FR mezzanine secured deferrable fixed-rate notes.

Venture XXVIII previously sold $27.8 million of 3.779% class B-F notes and $22.9 million of 4.453% class C-F notes as part of the original CLO offering issued on July 18, 2017.

Jefferies LLC arranged the transaction.

The notes are due July 20, 2030.

MJX affiliate MJX Venture Management II LLC is the CLO manager.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The asset management firm is based in New York City.

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