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.

MJX resets CLO

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.

The maturity on the refinanced notes was extended to Sept. 10, 2029 from the original May 27, 2025 maturity.

The original $600 million CLO was issued on March 25, 2013.

The CLO had priced $362.5 million of class A-1 floating-rate notes at Libor plus 106 bps.

MJX has priced two new CLOs and refinanced five vintage CLOs year to date.

The New York City-based asset management firm priced three new CLOs and refinanced three vintage CLOs in 2016.

Madison Park refinances

Credit Suisse Asset Management sold $519 million of notes in a refinancing and reset of the vintage 2007 Madison Park Funding IV Ltd. deal, according to a market source.

The CLO will be renamed Madison Park Funding IV Ltd./Madison Park Funding IV (Delaware) Corp. and priced $305 million of class A-R floating-rate notes at Libor plus 120 bps at the top of the capital structure.

J.P. Morgan Securities LLC is the refinancing placement agent.

The maturity on the floating-rate notes was extended to July 29, 2030 from the original March 22, 2021 maturity. The subordinated notes’ maturity was extended to July 29, 2047.

Credit Suisse Asset Management has priced one new dollar-denominated CLO and refinanced seven vintage U.S. CLOs year to date.

The unit of Credit Suisse Group AG priced three U.S. CLOs and refinanced one vintage CLO in 2016.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.