By Cady Vishniac
Detroit, Jan. 12 – MJX Asset Management LLC priced $506.3 million of notes due Jan. 20, 2034 in the new Venture 41 CLO, Ltd./Venture 41 CLO, LLC deal, according to a market source on Tuesday.
The broadly syndicated CLO sold $283.7 million of class A1-N senior secured floating-rate notes at Libor plus 133 basis points, $26.3 million of class A-1F 2.08% senior secured fixed-rate notes and $15 million of class A-2 senior secured floating-rate notes at Libor plus 160 bps.
The CLO also priced $44.5 million of class B-N senior secured floating-rate notes at Libor plus 175 bps, $10.5 million of class B-F 2.75% senior secured fixed-rate notes, $30 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 260 bps, $25 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 387 bps, $22.5 million of class E junior secured deferrable floating-rate notes at Libor plus 771 bps and $49.8 million of subordinated notes.
Jefferies LLC and BofA Securities, Inc. were the underwriters.
The CLO will be managed by MJX Venture Management III LLC.
The deal is backed primarily by broadly syndicated senior secured loans.
MJX is an asset management firm based in New York City.
| Issuer: | Venture 41 CLO, Ltd./Venture 41 CLO, LLC
|
| Amount: | $506.3 million
|
| Maturity: | Jan. 20, 2034
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC and BofA Securities, Inc.
|
| Manager: | MJX Venture Management III LLC
|
| Settlement date: | Feb. 11
|
|
|
| Class A-1N notes
|
| Amount: | $283.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1F notes
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| Amount: | $26.3 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.08%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Non-rated
|
|
|
| Class B-N notes
|
| Amount: | $44.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Non-rated
|
|
|
| Class B-F notes
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| Amount: | $10.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.75%
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 387 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 771 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $49.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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