MJX prices manager’s third CLO offering of year ahead of holidays; RAIT brings CRE CLO

By Cristal Cody

Tupelo, Miss., Dec. 23 – Primary action in the CLO markets continued over the short market week with a new deal from MJX Asset Management LLC.

MJX Asset Management priced $400.5 million of notes in the firm’s third new CLO offering this year.

In other primary activity, RAIT Partnership LP brought a $348.9 million commercial real estate CLO offering. UBS Securities LLC and Barclays were the lead underwriters for the RAIT 2015-FL5, LLC transaction. Final pricing details were not available by press time.

MJX prints $400.5 million CLO

MJX Asset Management priced $400.5 million of notes due Jan. 15, 2028 in the Venture XXII CLO, Ltd./Venture XXII CLO LLC deal, according to a market source.

The CLO sold $222 million of class A-1L floating-rate notes at Libor plus 150 basis points, $15 million of 3.22% class A-1F fixed-rate notes and $20 million of class A-2 floating-rate notes at Libor plus 180 bps at the top of the 12-tranche deal.

Jefferies LLC arranged the transaction.

MJX Asset Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Proceeds from the deal will be used to purchase a portfolio of about $400 million of leveraged loans.

MJX Asset Management has priced three new CLOs and refinanced one vintage CLO in 2015.

The New York City-based asset management company brought four CLO transactions in 2014.

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