MJX, Symphony price second reprints of existing CLOs; Whitebox Capital plans debut CLO

By Cristal Cody

Tupelo, Miss., July 9 – In new CLO refinancing activity, MJX Asset Management LLC priced $544.5 million of notes in a second print of a vintage 2013 broadly syndicated transaction.

In addition, Symphony Asset Management LLC sold $553.85 million of notes in a second refinancing of a vintage 2012 CLO.

Meanwhile, coming up in new issuance, Whitebox Capital Management, LLC plans to price $402.1 million of notes in the company’s first CLO deal.

MJX prices $544.5 million

MJX Asset Management priced $544.5 million of notes in a second refinancing of the Venture XV CLO, Ltd./Venture XV CLO, LLC offering, according to a market source and a notice of revised proposed supplemental indenture on Monday.

Venture XV CLO priced $100.75 million of class A-1-R2 senior secured floating-rate notes (expected ratings Aaa) at Libor plus 137 basis points, $28 million of 3.128% class A-2-R2 senior secured fixed-rate notes (expected ratings Aaa/AAA) and $250 million of class A senior secured floating-rate loans (expected ratings Aaa) at Libor plus 137 bps at the top of the capital stack.

Jefferies LLC was the refinancing placement agent.

The maturity was extended to July 2032 from July 15, 2028.

In the original transaction issued Dec. 12, 2013, the CLO sold $374 million of class A notes at Libor plus 158 bps.

The CLO issued $553.5 million of notes due July 15, 2028 in a reset of the original notes on Oct. 17, 2016. In the first refinancing, the CLO priced $374 million of the class A-R floating-rate notes at Libor plus 152 bps.

Proceeds from the deal will be used to redeem the outstanding notes on July 15.

MJX Asset Management has priced two new CLO transactions and refinanced one vintage CLO year to date.

The asset management company is based in New York City.

Symphony prints $553.85 million

Symphony Asset Management sold $553.85 million of notes in a second refinancing of the vintage 2012 California Street CLO IX, LP transaction, according to a market source.

At the top of the capital structure, the reset CLO priced $6 million of class X-R2 floating-rate notes at Libor plus 70 bps and $384 million of class A-R2 floating-rate notes at Libor plus 132 bps.

Barclays was the refinancing agent.

The maturity on the refinanced notes was extended to July 16, 2032 from Oct. 16, 2028.

California Street CLO IX, formerly known as Symphony CLO IX LP, was originally issued in May 2012. The CLO was first refinanced Oct. 17, 2016.

In the first $543 million refinancing, the CLO sold $366 million of the class A-R floating-rate notes at Libor plus 145 bps.

Proceeds from the second refinancing were used to redeem the outstanding notes.

The transaction is collateralized primarily by first-lien senior secured loans and eligible investments.

Symphony Asset Management has issued two new dollar-denominated CLOs and refinanced one vintage CLO year to date.

The asset management firm and subsidiary of Nuveen LLC is based in San Francisco.

Whitebox Capital markets CLO

Whitebox Capital Management plans to price $402.1 million of notes due July 24, 2032 in the debut Whitebox CLO I Ltd./Whitebox CLO I LLC transaction, according to a market source and an S&P Global Ratings release on Tuesday.

The deal includes $43.56 million of class AN-A floating-rate notes (AAA); $249.28 million of class A-L floating-rate notes (AA); $11.16 million of class AN-B floating-rate notes (AA); $22 million of class B deferrable floating-rate notes (A); $24 million of class C deferrable floating-rate notes (BBB-); $16 million of class D deferrable floating-rate notes (BB-) and $36.1 million of subordinated notes.

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

Whitebox Capital will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.

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

The deal is expected to settle Aug. 22.

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

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