Published on 9/15/2023 in the Prospect News CLO Daily.
New Issue: MJX Venture Management prices $395.56 million Venture 48 CLO
Chicago, Sept. 15 – MJX Venture Holdings II LP priced $395.56 million in a collateralized loan obligation being issued by Venture 48 CLO Ltd./Venture 48 CLO LLC, according to a presale report.
The CLO will mature on Oct. 20, 2036.
The transaction consists of $50 million of class A1 senior secured floating-rate loans at SOFR plus 185 basis points, $192.74 million of class A1 senior secured floating-rate notes at SOFR plus 185 bps, $5.26 million of class AF 5.92% senior secured fixed-rate notes, $50.45 million of class B1 senior secured floating-rate notes at SOFR plus 275 bps, $5.55 million of class BF 6.73% senior secured fixed-rate notes, $5.26 million of class C1 senior secured deferrable floating-rate notes at SOFR plus 380 bps, $18.74 million of class CF 7.77% senior secured deferrable fixed-rate notes, $20 million of class D senior secured deferrable floating-rate notes at SOFR plus 630 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 835 bps and $33.56 million of subordinated notes.
MJX Venture Holdings II LP will manage the collateral through the end of the reinvestment period on Oct. 20, 2028.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The CLO can be called starting Oct. 20, 2025.
Jefferies LLC was the placement agent.
MJX is an asset management firm based in New York City.
| Issuer: | Venture 48 CLO Ltd./Venture 48 CLO LLC
|
| Issue: | Floating-rate loans, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $395.56 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MJX Venture Holdings II LP
|
| Call feature: | Oct. 20, 2025
|
| Pricing date: | Sept. 6
|
| Settlement date: | Sept. 25
|
|
|
| Class A1 loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 185 bps
|
|
|
| Class A1 notes
|
| Amount: | $192,737,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
|
|
| Class AF notes
|
| Amount: | $5,263,000
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.92%
|
|
|
| Class B1 notes
|
| Amount: | $50,447,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class BF notes
|
| Amount: | $5,553,000
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.73%
|
| Rating: | S&P: AA
|
|
|
| Class C1 notes
|
| Amount: | $5,263,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | S&P: A
|
|
|
| Class CF notes
|
| Amount: | $18,737,000
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 7.77%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 630 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 835 bps
|
|
|
| Subordinated notes
|
| Amount: | $33.56 million
|
| Securities: | Subordinated notes
|
|
|
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