By Cristal Cody
Tupelo, Miss., July 26 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $612,875,000 of notes due July 15, 2031 in the Venture 33 CLO, Ltd./Venture 33 CLO, LLC transaction, according to market sources.
The CLO sold $307 million of class A-1L senior secured floating-rate notes at Libor plus 114 basis points, $58 million of 4.039% class A-1F senior secured fixed-rate notes, $25 million of class A-2 senior secured floating-rate notes at Libor plus 152 bps and $63 million of class B senior secured floating-rate notes at Libor plus 185 bps.
Venture 33 CLO placed $37.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 240 bps; $33.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 316 bps; $28 million of class E junior secured deferrable floating-rate notes at Libor plus 595 bps; $9 million of class F junior secured deferrable floating-rate notes at Libor plus 800 bps and $51,875,000 of subordinated notes.
Jefferies LLC arranged the transaction.
MJX Venture Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured loans.
MJX priced two new CLOs and refinanced eight vintage CLOs in 2017.
The asset management firm is based in New York City.
| Issuer: | Venture 33 CLO, Ltd./Venture 33 CLO, LLC
|
| Amount: | $612,875,000
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MJX Venture Management LLC
|
| Call feature: | Two years
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 15
|
|
|
| Class A-1L notes
|
| Amount: | $307 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $58 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.039%
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $63 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $37.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $33.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 316 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $28 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $9 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $51,875,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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