MJX, Saranac refinance vintage 2013 CLOs; 2015 vintages in focus for refinancing potential

By Cristal Cody

Tupelo, Miss., Aug. 29 – Two more CLO managers refinanced vintage CLO notes.

MJX Asset Management LLC affiliate MJX Venture Management LLC priced $586.25 million of notes in a refinancing and reset of a 2013 deal.

Saranac CLO Management, LLC priced a $354,575,000 refinancing and reset of a 2013 transaction.

More than $117 billion of U.S. CLOs have been refinanced year to date with the bulk in 2014 vintages, according to market sources.

Refinancing vintage 2015 CLOs are expected to be the focus over the remainder of the year with most of the 2014 vintages already refinanced, according to a BofA Merrill Lynch report.

In its deal, MJX Venture Management priced $586.25 million of notes in a refinancing and reset of the 2013 Venture XIV CLO, Ltd./Venture XIV CLO, LLC transaction, according to a market source and a notice of executed amended and restated indenture on Monday.

The CLO sold $346 million of class A-R senior secured floating-rate notes at Libor plus 125 basis points in the AAA-rated tranche.

Jefferies LLC arranged the transaction.

Meanwhile, Saranac CLO Management priced a $354,575,000 reset of Saranac CLO V Ltd./Saranac CLO V LLC, according to a market source and a notice of executed supplemental indenture No. 1 on Monday.

The CLO sold $222.5 million of class A-R senior secured floating-rate notes at Libor plus 131 bps at the top of the capital stack.

Jefferies was the arranger.

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