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ICG prices $409.1 million CLO; MJX resets $605 million; CVC adopts risk retention rules
By Cristal Cody
Tupelo, Miss., Feb. 8 – ICG Debt Advisors LLC tapped the CLO primary market with a $409.1 million new transaction.
More than $7 billion of new CLOs have priced year to date, according to market sources.
In newly reported CLO refinancing action, MJX Asset Management LLC affiliate MJX Venture Management LLC repriced $605 million of notes from a 2016 deal.
In other activity, CVC Credit Partners European CLO Management LLP adopted U.S. risk retention rules for the €415.1 million CVC Cordatus Loan Fund X DAC deal that priced on Dec. 11 and closed on Jan. 31, according to a notice to noteholders.
The aggregate fair value determined for all the notes was €411,503,195, the notice said.
Under the U.S. risk retention rules, the collateral manager is required to have a fair value equal to at least 5% of the aggregate fair value of the CLO notes, which for the CVC deal was €20,575,160. As of the issue date, the fair value of the U.S. retention interest was €22.32 million, representing 5.42% of the aggregate fair value of the notes, according to the notice.
The deal included €43.9 million of subordinated notes as equity.
In its new issue, ICG Debt Advisors priced $409.1 million of notes due April 21, 2031, according to a market source.
BofA Merrill Lynch was the placement agent.
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