MJX, Whitebox, Steele Creek, Golub, Barings price CLOs; Voya refinances; CVC on tap

By Cristal Cody

Tupelo, Miss., Aug. 7 – CLO issuers poured into the primary market in late July with several deals priced, while the refinancing space also remains active in August.

MJX Asset Management LLC priced a new $607.9 million broadly syndicated CLO.

Golub Capital affiliate GC Advisors LLC sold $405.2 million of notes in its broadly syndicated CLO offering.

Steele Creek Investment Management LLC priced $405.19 million of notes in the manager’s second broadly syndicated CLO deal this year.

Whitebox Capital Management, LLC brought a debut $401.45 million CLO transaction to the primary market.

In euro-denominated supply, Barings (UK) Ltd. sold €407.2 million of notes.

Meanwhile, Voya Alternative Asset Management LLC refinanced $368.1 million of notes from a 2016 CLO transaction.

In other market activity, CVC Credit Partners, LLC plans to price a second reprint of vintage 2013 CLO notes.

About $65 billion of broadly syndicated CLOs and more than €20 billion of euro-denominated CLOs have priced year to date, according to market sources.

CLO managers have refinanced about $30 billion of vintage CLOs year to date.

MJX prices $607.9 million

MJX Asset Management priced $607.9 million of notes due July 30, 2032 at par in the new Venture 38 CLO, Ltd./Venture 38 CLO, LLC transaction, according to a market source.

The CLO sold $372 million of class A-1 senior secured floating-rate notes at Libor plus 134 basis points and $24 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps at the top of the capital stack.

Natixis Securities Americas LLC was the placement agent.

The CLO will be managed by MJX Venture Management III LLC.

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

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

Golub prices $405.2 million

GC Advisors sold $405.2 million of notes in the broadly syndicated Golub Capital Partners CLO 43(B) Ltd./Golub Capital Partners CLO 43(B) LLC transaction, according to a market source.

The CLO sold $248 million of the class A senior secured floating-rate notes at Libor plus 135 bps.

Morgan Stanley & Co. LLC was the placement agent.

GC Advisors affiliate OPAL BSL LLC will manage the CLO.

The notes are due July 20, 2032.

The offering is collateralized primarily by senior secured term loans.

Golub Capital is a New York-based middle market lender.

Steele Creek prices

Steele Creek Investment Management priced $405.19 million of notes due July 15, 2032 in the manager’s second broadly syndicated CLO transaction of the year, according to a market source.

Steele Creek CLO 2019-2 Ltd./Steele Creek CLO 2019-2, LLC sold $215 million of class A-1 floating-rate notes (/AAA/AAA) at par to yield Libor plus 136 bps and $41 million of 3.23% class A-2 fixed-rate notes (/AAA/AAA) at 99.997 in the senior tranches.

Wells Fargo Securities, LLC was the placement agent.

The CLO is collateralized by first-lien senior secured loans.

Steele Creek Investment Management has priced two new CLOs year to date.

The CLO manager brought two new CLOs to the primary market in 2018.

Steele Creek Investment Management is a Charlotte, N.C.-based asset management firm and subsidiary of global advisory firm Moelis & Co. LLC.

Whitebox prices CLO

Whitebox Capital Management priced $401.45 million of notes due July 24, 2032 in the debut Whitebox CLO I Ltd./Whitebox CLO I LLC transaction, according to a market source.

The CLO sold $43.56 million of class AN-A floating-rate notes (AAA/AAA) at Libor plus 141 bps, $249.28 million of class A-L loans (/AA/) at Libor plus 156 bps and $11.16 million of class AN-B floating-rate notes (/AA/) at Libor plus 215 bps at the top of the capital structure.

J.P. Morgan Securities LLC was the placement agent.

The CLO is collateralized primarily by broadly syndicated senior secured loans.

Whitebox Capital Management is a subsidiary of Minneapolis-based alternative asset manager Whitebox Advisors LLC.

Barings prints CLO

Barings (UK) sold €407.2 million of notes due Oct. 21, 2032 in the Barings Euro CLO 2019-1 BV transaction, according to a market source.

The CLO sold €242 million of the AAA-rated class A senior secured floating-rate notes at par to yield Euribor plus 108 bps.

Goldman Sachs International was the placement agent.

The CLO is backed primarily by euro-denominated senior secured corporate loans.

Barings is a London-based credit fund management firm.

Voya refinances

Voya Alternative Asset Management priced $368.1 million of notes due July 19, 2028 in a refinancing of the Voya CLO 2016-2, Ltd./Voya CLO 2016-2 LLC offering, according to a market source.

Voya CLO 2016-2 sold $259 million of class A-1-R floating-rate notes (expected ratings Aaa//AAA) at Libor plus 115 bps in the AAA-rated tranche.

Credit Suisse Securities (USA) LLC was the refinancing placement agent.

In the original transaction issued July 19, 2016, the CLO priced $259 million of the class A-1 floating-rate notes at Libor plus 154 bps.

Voya Alternative Asset Management is an affiliate of New York City-based Voya Investment Management LLC.

CVC to reprice CLO

CVC Credit Partners plans to price a second refinancing of a vintage 2013 CLO, according to a notice of proposed second supplemental indenture.

The Apidos CLO XI/Apidos CLO XI LLC offering includes class A-RR floating-rate notes (expected ratings Aaa/AAA/); class B-RR floating-rate notes (expected ratings /AA/); class C-RR deferrable floating-rate notes (expected ratings /A/); class D-RR deferrable floating-rate notes (expected ratings /BBB-/); class E-RR deferrable floating-rate notes (expected ratings /BB-/) and class F-RR deferrable floating-rate notes (expected ratings /B-/).

RBC Capital Markets LLC is the refinancing placement agent.

The maturity on the second refinanced notes will be extended to October 2030 from the first refinanced maturity of Oct. 17, 2028, which was extended from the original Jan. 17, 2023 due date.

The CLO was originally issued Jan. 17, 2013 and was first refinanced Nov. 10, 2016.

CVC Credit Partners is a New York-based subsidiary of London-based CVC Capital Partners Ltd.

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