By Cristal Cody
Tupelo, Miss., May 7 – MJX Asset Management LLC priced $520 million of notes due Nov. 14, 2022 in a refinancing of the vintage 2012 Venture XI CLO, Ltd./Venture XI CLO Corp. transaction, according to a market source.
The CLO sold $326.3 million of class A-R senior secured floating-rate notes at Libor plus 130 basis points, tighter than where the notes first priced at Libor plus 145 bps.
The CLO refinanced $57.9 million of class B-R senior secured floating-rate notes at Libor plus 195 bps, compared with the original spread of Libor plus 235 bps.
In the class C-R tranche, the CLO sold $35.1 million of senior secured deferrable floating-rate notes at Libor plus 295 bps, tighter than where the notes first priced at Libor plus 325 bps.
The CLO sold $18.6 million of class D-R senior secured deferrable floating-rate notes at Libor plus 395 bps. The notes originally priced at Libor plus 500 bps.
The CLO priced $20.1 million of class E-R senior secured deferrable floating-rate notes at Libor plus 615 bps, better than where the issue first priced at Libor plus 650 bps.
In the final tranche, the CLO sold $11 million of class F-R senior secured deferrable floating-rate notes at Libor plus 775 bps, wider than where the notes originally priced at Libor plus 750 bps.
The deal also included the original $51 million equity tranche of subordinated notes.
Citigroup Global Markets Inc. was the refinancing agent.
MJX Asset Management is the CLO manager.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Proceeds from the refinancing will be used to redeem the original notes.
MJX Asset Management previously was in the primary market with the $616.3 million Venture XX CLO, Ltd./Venture XX CLO LLC deal on March 13.
The New York City-based asset management company brought four CLO transactions in 2014.
| Issuer: | Venture XI CLO, Ltd./Venture XI CLO Corp.
|
| Amount: | $520 million refinancing
|
| Maturity: | Nov. 14, 2022
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | MJX Asset Management LLC
|
| Pricing date: | April 23
|
| Settlement date: | May 14
|
|
|
| Class A-R notes
|
| Amount: | $326.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-R notes
|
| Amount: | $57.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings | Standard & Poor’s: AA
|
|
|
| Class C-R notes
|
| Amount: | $35.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D-R notes
|
| Amount: | $18.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E-R notes
|
| Amount: | $20.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F-R notes
|
| Amount: | $11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $51 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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