MJX prices $618.2 million reset of 2014 CLO; Trimaran brings $695.8 million CLO reset

By Cristal Cody

Tupelo, Miss., Oct. 17 – MJX Asset Management LLC affiliate MJX Venture Management LLC detailed a $618.2 million refinancing and reset of a vintage 2014 CLO.

The deal is the firm’s sixth CLO refinancing transaction year to date.

In other pricing action, Trimaran Advisors, LLC sold $695.8 million of notes in a refinancing and reset of an upsized 2014 CLO. The offering is the CLO manager’s first deal in the market in 2017.

CLO refinancing and reset action remains strong with about $125 billion of vintage deals priced year to date, sources report.

MJX refinances Venture CLO

MJX Venture Management 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 in the senior tranche.

Jefferies LLC arranged the transaction.

The maturity on the refinanced notes was extended to Oct. 15, 2029 from the original Oct. 15, 2026 maturity.

The original $618.2 million CLO was issued on Aug. 27, 2014.

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.

Trimaran resets Catamaran CLO

Trimaran Advisors priced $695.8 million of notes in a refinancing and reset of the upsized Catamaran CLO 2014-1 Ltd./Catamaran CLO 2014-1 LLC transaction, according to a market source and a news release on Monday.

The deal included $2 million of class X floating-rate notes (//AAA); $429.5 million of class A-1A-R floating-rate notes (//AAA); $17 million of class A-1B-R floating-rate notes; $60 million of class A-2-R floating-rate notes; $37 million of class B-R floating-rate notes; $37 million of class C-R floating-rate notes; $38.5 million of class D-R floating-rate notes; $6.5 million of class E-R floating-rate notes and $68.3 million of subordinated notes.

Final pricing details were not immediately available.

MUFG was the refinancing placement agent.

Trimaran Advisors will manage the CLO. An affiliate of the investment manager is expected to retain a vertical strip to comply with U.S. risk retention, according to the release.

The maturity on the refinanced notes was extended to April 22, 2030 from the original April 20, 2026 maturity.

The original $467,925,000 offering was issued on May 6, 2014.

Trimaran Advisors was last in the CLO market with a deal on Nov. 17, 2016 when it refinanced $372.75 million of notes in three tranches from the Catamaran CLO 2014-2 Ltd./Catamaran CLO 2014-2 LLC transaction.

Trimaran Advisors is a New York-based portfolio company of business development company KCAP Financial, Inc.

© 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.