ICG prices $409.1 million CLO; MJX resets $605 million; CVC adopts risk retention rules

By Cristal Cody

Tupelo, Miss., Feb. 8 – ICG Debt Advisors LLC tapped the CLO primary market with a $409.1 million new transaction.

More than $7 billion of new CLOs have priced year to date, according to market sources.

In newly reported CLO refinancing action, MJX Asset Management LLC affiliate MJX Venture Management LLC repriced $605 million of notes from a 2016 deal.

In other activity, CVC Credit Partners European CLO Management LLP adopted U.S. risk retention rules for the €415.1 million CVC Cordatus Loan Fund X DAC deal that priced on Dec. 11 and closed on Jan. 31, according to a notice to noteholders.

The aggregate fair value determined for all the notes was €411,503,195, the notice said.

Under the U.S. risk retention rules, the collateral manager is required to have a fair value equal to at least 5% of the aggregate fair value of the CLO notes, which for the CVC deal was €20,575,160. As of the issue date, the fair value of the U.S. retention interest was €22.32 million, representing 5.42% of the aggregate fair value of the notes, according to the notice.

The deal included €43.9 million of subordinated notes as equity.

In its new issue, ICG Debt Advisors priced $409.1 million of notes due April 21, 2031, according to a market source.

BofA Merrill Lynch was the placement agent.

© 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.