By Cristal Cody
Eureka Springs, Ark., Nov. 28 – MJX Asset Management LLC sold $601.6 million of notes due April 20, 2029 in a new broadly syndicated collateralized loan obligation offering, according to a market source.
Venture XXV CLO, Ltd. sold $369 million of class A-1 senior secured floating-rate notes at Libor plus 149 basis points; $15 million of 3.1% class A-F senior secured fixed-rate notes; $68.5 million of class B senior secured floating-rate notes at Libor plus 200 bps; $15 million of class C-1 deferrable floating-rate notes at Libor plus 260 bps; $24.5 million of 4.45% class C-F deferrable fixed-rate notes; $12 million of class D-1 deferrable floating-rate notes at Libor plus 430 bps; $18.75 million of class D-2 deferrable floating-rate notes at Libor plus 421 bps; $29.25 million of class E deferrable floating-rate notes at Libor plus 716 bps and $49.6 million of subordinated notes.
Jefferies LLC was the placement agent.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a portfolio of $525 million of mostly senior secured leveraged loans.
MJX Asset Management has priced three new CLO transactions and refinanced two CLOs year to date.
The New York City-based asset management company brought three new CLO deals and refinanced one vintage CLO in 2015.
| Issuer: | Venture XXV CLO, Ltd.
|
| Amount: | $601.6 million
|
| Maturity: | April 20, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 20
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $369 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-F notes
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| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.1%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $68.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
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| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-F notes
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| Amount: | $24.5 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.45%
|
| Rating: | Moody’s: A2
|
|
|
| Class D-1 notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 430 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Class D-2 notes
|
| Amount: | $18.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 421 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $29.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 716 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $49.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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