By Cristal Cody
Tupelo, Miss., March 9 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $362.5 million of notes in one tranche in a downsized second refinancing of a vintage 2013 collateralized loan obligation, according to a notice of revised proposed supplemental indenture on Friday.
Venture XIII CLO, Ltd./Venture XIII CLO, LLC sold $362.5 million of class A-R2 senior secured floating-rate notes due Sept. 10, 2029 (expected rating Aaa) at Libor plus 105 basis points.
The deal was downsized from an initially expected $457.5 million second refinancing. The CLO dropped expected tranches from the second refinancing that included $61 million of class B-R2 senior secured floating-rate notes and $34 million of class C-R2 mezzanine secured deferrable floating-rate notes.
Goldman Sachs & Co. LLC was the refinancing placement agent.
The refinanced notes have a non-call period to but excluding March 13, 2021.
The original $600 million CLO was issued on March 25, 2013.
The CLO had priced $7 million of class A-X floating-rate notes at Libor plus 120 bps; $362.5 million of class A-1 floating-rate notes at Libor plus 106 bps; $61 million of class B floating-rate notes at Libor plus 183 bps; $34 million of class C floating-rate notes at Libor plus 325 bps; $34 million of class D floating-rate notes at Libor plus 375 bps; $39.5 million of class E floating-rate notes at Libor plus 580 bps and $62 million of subordinated notes.
In the first $593 million refinancing on Sept. 17, 2017, the CLO sold $362.5 million of class A-R senior secured floating-rate notes at Libor plus 124 bps, $61 million of class B-R senior secured floating-rate notes at Libor plus 170 bps; $34 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 230 bps; $34 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 330 bps; $39.5 million of class E-R junior secured deferrable floating-rate notes at Libor plus 675 bps and $62 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
The refinanced CLO is backed primarily by broadly syndicated senior secured corporate loans.
MJX is an asset management firm based in New York City.
| Issuer: | Venture XIII CLO, Ltd./Venture XIII CLO, LLC
|
| Amount: | $362.5 million refinancing
|
| Maturity: | Sept. 10, 2029
|
| Securities: | Class A-R2 floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | MJX Venture Management LLC
|
| Coupon: | Libor plus 105 bps
|
| Call feature: | To but excluding March 13, 2021
|
| Settlement date: | March 13
|
| Rating: | Moody’s: Aaa expected
|
| Distribution: | Rule 144A and Regulation S
|
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