ICG prices $409.1 million CLO; MJX resets $605 million; CVC adopts risk retention rules

By Cristal Cody

Tupelo, Miss., Feb. 8 – ICG Debt Advisors LLC tapped the CLO primary market with a $409.1 million new transaction.

More than $7 billion of new CLOs have priced year to date, according to market sources.

In newly reported CLO refinancing action, MJX Asset Management LLC affiliate MJX Venture Management LLC repriced $605 million of notes from a 2016 deal.

In other activity, CVC Credit Partners European CLO Management LLP adopted U.S. risk retention rules for the €415.1 million CVC Cordatus Loan Fund X DAC deal that priced on Dec. 11 and closed on Jan. 31, according to a notice to noteholders.

The aggregate fair value determined for all the notes was €411,503,195, the notice said.

Under the U.S. risk retention rules, the collateral manager is required to have a fair value equal to at least 5% of the aggregate fair value of the CLO notes, which for the CVC deal was €20,575,160. As of the issue date, the fair value of the U.S. retention interest was €22.32 million, representing 5.42% of the aggregate fair value of the notes, according to the notice.

The deal included €43.9 million of subordinated notes as equity.

ICG brings CLO 2018-1

In the new issue, ICG Debt Advisors priced $409.1 million of notes due April 21, 2031, according to a market source.

ICG US CLO 2018-1, Ltd./ICG US CLO 2018-1 LLC sold $256 million of class A-1 floating-rate notes at Libor plus 106 basis points in the senior tranche.

BofA Merrill Lynch was the placement agent.

ICG Debt Advisors LLC-Manager Series will manage the CLO.

ICG Debt Advisors priced one new CLO and refinanced two vintage CLOs in 2017.

The New York-based subsidiary of London-based parent company Intermediate Capital Group plc priced one CLO offering in 2016.

MJX refinances Venture XXII

MJX Venture Management priced $605 million of notes in its refinancing and reset of the Venture XXII CLO, Ltd./Venture XXII CLO, LLC transaction, according to a notice of revised proposed amended and restated indenture on Wednesday.

The CLO sold $385.5 million of class A-R senior secured floating-rate notes at Libor plus 108 bps at the top of the capital stack.

Jefferies LLC arranged the transaction.

The maturity on the notes was extended to January 2031 from Jan. 15, 2028.

The original $400.5 million CLO priced on Dec. 22, 2015 and was issued on Jan. 28, 2016.

MJX priced two new CLOs and refinanced eight vintage CLOs in 2017.

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

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