By Cristal Cody
Tupelo, Miss., Aug. 7 – MJX Asset Management LLC 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 $3 million of class X senior secured floating-rate notes at Libor plus 115 basis points, $372 million of class A-1 senior secured floating-rate notes at Libor plus 134 bps, $24 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps and $60 million of class B senior secured floating-rate notes at Libor plus 190 bps.
The CLO also priced $28.8 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 275 bps, $36 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 426 bps, $31.2 million of class E junior secured deferrable floating-rate notes at Libor plus 697 bps and $52.9 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
The CLO will be managed by MJX Venture Management III LLC and has a two-year non-call period and five-year reinvestment period.
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.
| Issuer: | Venture 38 CLO, Ltd./Venture 38 CLO, LLC
|
| Amount: | $607.9 million
|
| Maturity: | July 30, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | MJX Venture Management III LLC
|
| Call feature: | Two years
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 28
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class A-1 notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
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| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $28.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 426 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $31.2 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 697 bps
|
| Price: | Par
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $52.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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