Venture XIII CLO likely to redeem secured notes via refinancing

By Wendy Van Sickle

Columbus, Ohio, Aug. 29 – Venture XIII CLO, Ltd./Venture XIII CLO, Corp. has been directed by holders of a majority of its subordinated notes to fully redeem its secured notes via a contemplated refinancing, according to a notice from trustee Citibank, NA.

The class A-1, B, C-1, C-2, D and E notes are to be redeemed on Sept. 11 at par plus accrued interest to that date. The refinancing will not occur unless 100% of the holders of the subordinated notes consent to a related amended and restated indenture, according to the notice.

The issuer announced last week plans to issue $593 million of notes via a refinancing.

Specifically, Venture XIII said it intends to issue the following:

• $362.5 million of class A-R notes (Aaa (sf)//);

• $61 million of class B-R notes (Aa2 (sf)//);

• $34 million of class C-R notes (A2 (sf)//);

• $34 million of class D-R notes (Baa2 (sf)//);

• $39.5 million of class E-R notes (Ba2 (sf)//); and

• $62 million of subordinated notes.

New York City-based MJX Asset Management LLC is the collateral manager.

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