By Cristal Cody
Tupelo, Miss., Oct. 17 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $618.2 million of notes in a refinancing and reset of the 2014 Venture XVIII CLO, Ltd./Venture XVIII CLO, LLC transaction, according to a market source and a notice of executed amended and restated indenture on Monday.
The CLO sold $371 million of class A-R senior secured floating-rate notes at Libor plus 122 basis points, $67 million of class B-R senior secured floating-rate notes at Libor plus 165 bps; $53 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 210 bps; $33 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 310 bps; $29 million of class E-R junior secured deferrable floating-rate notes at Libor plus 659 bps and $65.2 million of subordinated notes.
Jefferies LLC arranged the transaction.
MJX Venture Management will continue to manage the CLO.
The maturity on the refinanced notes was extended to Oct. 15, 2029 from the original Oct. 15, 2026 maturity.
The reset CLO has a two-year non-call period and four-year reinvestment period.
The original $618.2 million CLO was issued on Aug. 27, 2014.
Proceeds from the transaction were used to redeem the original notes.
The refinanced CLO is backed primarily by broadly syndicated senior secured corporate loans.
MJX has priced two new CLOs and refinanced six vintage CLOs year to date.
The New York City-based asset management firm priced three new CLOs and refinanced three vintage CLOs in 2016.
| Issuer: | Venture XVIII CLO, Ltd./Venture XVIII CLO, LLC
|
| Amount: | $618.2 million refinancing
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | MJX Venture Management LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $371 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $67 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $53 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $29 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 659 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $65.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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