By Cristal Cody
Tupelo, Miss., Feb. 8 – MJX Asset Management LLC affiliate MJX Venture Management LLC priced $605 million of notes in a refinancing and reset of the vintage 2016 Venture XXII CLO, Ltd./Venture XXII CLO, LLC transaction, according to a notice of revised proposed amended and restated indenture on Wednesday.
The CLO sold $385.5 million of class A-R senior secured floating-rate notes at Libor plus 108 basis points, $67.5 million of class B-R senior secured floating-rate notes at Libor plus 150 bps; $37.5 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 190 bps; $33.5 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 275 bps and $30 million of class E-R junior secured deferrable floating-rate notes at Libor plus 565 bps.
The refinanced deal also has a total of $51 million of subordinated notes, which includes $24.5 million of original subordinated notes and $26.5 million of additional subordinated notes.
Jefferies LLC arranged the transaction.
MJX Venture Management will continue to manage the CLO.
The maturity on the notes was extended to January 2031 from Jan. 15, 2028.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
The original $400.5 million CLO priced on Dec. 22, 2015 and was issued on Jan. 28, 2016. The CLO sold $222 million of class A-1L floating-rate notes at Libor plus 150 bps; $15 million of 3.22% class A-1F fixed-rate notes; $20 million of class A-2 floating-rate notes at Libor plus 180 bps; $20.29 million of class B-1L floating-rate notes at Libor plus 250 bps and $23.16 million of 4.25% class B-1F fixed-rate notes.
The Venture XXII CLO also had priced $10.55 million of class C-1L floating-rate notes at Libor plus 335 bps; $10 million of 5% class C-1F fixed-rate notes; $9 million of class D-1 floating-rate notes at Libor plus 450 bps; $16 million of class D-2 floating-rate notes at Libor plus 535 bps; $22 million of class E floating-rate notes at Libor plus 675 bps; $8 million of class F floating-rate notes at Libor plus 785 bps and the $24.5 million of subordinated notes.
Proceeds from the transaction will be used to redeem the 2016 notes.
MJX priced two new CLOs and refinanced eight vintage CLOs in 2017.
The New York City-based asset management firm priced three new CLOs and refinanced three vintage CLOs in 2016.
| Issuer: | Venture XXII CLO, Ltd./Venture XXII CLO, LLC
|
| Amount: | $605 million refinancing
|
| Maturity: | January 2031
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | MJX Venture Management LLC
|
| Call feature: | January 2020
|
| Settlement date: | Feb. 14
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $385.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $37.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $33.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-R notes
|
| Amount: | $30 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $51 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
