By Cristal Cody
Tupelo, Miss., Feb. 18 - MJX Asset Management LLC sold $512.77 million of notes due April 15, 2026 in the Venture XVI CLO Ltd./Venture XVI CLO LLC offering, according to market sources on Tuesday.
The CLO priced $310 million of class A-1L senior secured floating-rate notes (Aaa/AAA/) at Libor plus 150 basis points; $38 million of class A-2L senior secured floating-rate notes (Aa2) at Libor plus 200 bps; $10 million of 4.395% class A-2F senior secured fixed-rate notes (Aa2) and $49 million of class A-3L mezzanine secured deferrable floating-rate notes (A2) at Libor plus 275 bps.
The CLO also priced $29 million of class B-1L mezzanine secured deferrable floating-rate notes (Baa3) at Libor plus 345 bps; $27 million of class B-2L junior secured deferrable floating-rate notes (Ba3) at Libor plus 450 bps and $49.77 million of subordinated notes.
RBS Securities Inc. arranged the deal.
MJX Asset Management will manage the CLO.
The non-callable period ends April 15, 2016, and the reinvestment period ends April 16, 2018.
The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans.
New York City-based MJX Asset Management priced three CLOs in 2013, including the $600 million Venture XIII CLO Ltd. transaction, the $590.25 million Venture XIV CLO Ltd. offering and the $614.5 million Venture XV CLO, Ltd. deal.
| Issuer: | Venture XVI CLO, Ltd./Venture XVI CLO LLC
|
| Amount: | $512.77 million
|
| Maturity: | April 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBS Securities Inc.
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | April 15, 2016
|
| Settlement date: | March 14
|
|
|
| Class A-1L notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2L notes
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| Amount: | $38 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class A-2F notes
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| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.395%
|
| Rating: | Moody's: Aa2
|
|
|
| Class A-3L notes
|
| Amount: | $38 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody's: A2
|
|
|
| Class B-1L notes
|
| Amount: | $29 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class B-2L notes
|
| Amount: | $27 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Equity tranche
|
| Amount: | $49.77 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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