By Cristal Cody
Tupelo, Miss., March 3 – MJX Asset Management LLC priced $510.5 million of notes due April 15, 2033 in the new issue Venture 39 CLO, Ltd./Venture 39 CLO, LLC deal, according to market sources on Tuesday.
The broadly syndicated CLO sold $2 million of class X senior secured floating-rate notes at Libor plus 75 basis points, $310 million of class A-1 senior secured floating-rate notes at Libor plus 128 bps, $15 million of class A-2 senior secured floating-rate notes at Libor plus 160 bps and $50 million of class B senior secured floating-rate notes at Libor plus 180 bps.
The CLO also priced $27.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 225 bps, $30.5 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 425 bps, $27 million of class E junior secured deferrable floating-rate notes at Libor plus 763 bps and $48.5 million of subordinated notes.
Nomura Securities International, Inc. 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 39 CLO, Ltd./Venture 39 CLO, LLC
|
| Amount: | $510.5 million
|
| Maturity: | April 15, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | MJX Venture Management III LLC
|
| Call feature: | Two years
|
| Notice date: | March 3
|
| Settlement date: | March 30
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $30.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 763 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $48.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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