MJX prices $558.75 million CLO; Maranon wraps middle-market deal; CSAM plans new CLO

By Cristal Cody

Tupelo, Miss., April 16 – Both the CLO broadly syndicated and middle-market spaces are staying active.

MJX Asset Management LLC priced a $558.75 million broadly syndicated CLO.

Meanwhile, Maranon Capital, LP priced a $410 million middle-market CLO deal that closed on Monday.

In the broadly syndicated primary market, Credit Suisse Asset Management, LLC is marketing $601.7 million of notes in its second dollar-denominated CLO offering of the year.

The manager’s $503.3 million Madison Park Funding XXXIV Ltd./Madison Park Funding XXXIV LLC transaction that priced in March is expected to close on April 25.

CLO middle-market volume has topped $2 billion, while broadly syndicated supply is nearing $40 billion year to date, according to market sources.

MJX sells Venture 36

MJX Asset Management priced $558.75 million of notes due April 20, 2032 in the new issue Venture 36 CLO, Ltd./Venture 36 CLO, LLC transaction, according to market sources.

The CLO sold $305.8 million of the class A-1A senior secured floating-rate notes at Libor plus 143 basis points.

BNP Paribas Securities Corp. was the placement agent.

The deal is backed primarily by broadly syndicated senior secured corporate loans.

MJX is an asset management firm based in New York City.

Maranon prices $410 million

Maranon Capital priced $410 million of notes due April 15, 2031 in a new middle-market CLO deal that closed on Monday, according to a market source.

Maranon Loan Funding 2019-1 Ltd./Maranon Loan Funding 2019-1 LLC sold $135 million of class A-1A floating-rate notes at Libor plus 185 bps at the top of the capital structure.

Morgan Stanley & Co. LLC was the placement agent.

The transaction is collateralized primarily by middle-market senior secured loans.

Maranon Capital is a Chicago-based investment management firm that provides middle-market financing services.

CSAM offers $601.7 million

Credit Suisse Asset Management plans to price $601.7 million of notes due April 20, 2031 in the Madison Park Funding XXXV Ltd./Madison Park Funding XXXV LLC CLO transaction, according to market sources.

The deal includes $360 million of class A-1 floating-rate notes (AAA/AAA); $27 million of class A-2 floating-rate notes (/non-rated/AAA); $60 million of class B floating-rate notes (AA); $42 million of class C deferrable floating-rate notes (A); $33 million of class D deferrable floating-rate notes (BBB-); $22.7 million of class E deferrable floating-rate notes (BB-) and $57 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

The notes are collateralized primarily by broadly syndicated senior secured loans.

The deal is expected to close May 30.

CSAM has priced one new dollar-denominated CLO year to date.

Credit Suisse Asset Management is a unit of Credit Suisse Group AG.

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