By Cristal Cody
Tupelo, Miss., Oct. 18 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $612.5 million of notes due July 15, 2027 in a refinancing of the 2015 Venture XXI CLO, Ltd./Venture XXI CLO, LLC transaction, according to a market source and a notice of executed supplemental indenture on Tuesday.
The CLO sold $436.25 million of class A-R senior secured floating-rate notes at Libor plus 88 basis points, $84 million of class B-R senior secured floating-rate notes at Libor plus 130 bps; $55.5 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 165 bps and $36.75 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 280 bps.
Citigroup Global Markets Inc. arranged the transaction.
MJX Venture Management will continue to manage the CLO.
The original $718.75 million CLO priced on June 4, 2015. The CLO placed $436.25 million of class A senior secured floating-rate notes at Libor plus 149 bps; $84 million of class B senior secured floating-rate notes at Libor plus 190 bps; $55.5 million of class C deferrable floating-rate notes at Libor plus 280 bps; $36.75 million of class D deferrable floating-rate notes at Libor plus 360 bps; $31.5 million of class E deferrable floating-rate notes at Libor plus 480 bps; $15.75 million of class F deferrable floating-rate notes at Libor plus 660 bps and $59 million of subordinated notes.
Proceeds from the transaction were used to redeem the original class A, B, C and D notes.
The refinanced CLO is backed primarily by broadly syndicated senior secured corporate loans.
MJX has priced two new CLOs and refinanced seven vintage CLOs year to date.
The New York City-based asset management firm priced three new CLOs and refinanced three vintage CLOs in 2016.
| Issuer: | Venture XXI CLO, Ltd./Venture XXI CLO, LLC
|
| Amount: | $612.5 million refinancing
|
| Maturity: | July 15, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | MJX Venture Management LLC
|
| Settlement date: | Oct. 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $436.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 88 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $55.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $36.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: BBB
|
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