By Cristal Cody
Tupelo, Miss., April 16 – MJX Asset Management LLC 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 $5.5 million of class X senior secured floating-rate notes at Libor plus 135 basis points, $305.8 million of class A-1A senior secured floating-rate notes at Libor plus 143 bps, $35.2 million of 3.69% class A-1B senior secured fixed-rate notes, $12.38 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps, $27.5 million of class B-1 senior secured floating-rate notes at Libor plus 200 bps and $28.88 million of 4.31% class B-2 senior secured fixed-rate notes.
Venture 36 CLO also priced $31.35 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 290 bps, $31.35 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 415 bps, $33.55 million of class E junior secured deferrable floating-rate notes at Libor plus 692 bps and $47.25 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
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 corporate loans.
MJX is an asset management firm based in New York City.
| Issuer: | Venture 36 CLO, Ltd./Venture 36 CLO, LLC
|
| Amount: | $558.75 million
|
| Maturity: | April 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | March 27
|
| Settlement date: | April 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $5.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1A notes
|
| Amount: | $305.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $35.2 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.69%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12.38 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
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| Amount: | $27.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $28.88 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.31%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $31.35 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $31.35 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $33.55 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 692 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $47.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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