By Cristal Cody
Tupelo, Miss., Feb. 18 - MJX Asset Management LLC sold $512.77 million of notes due April 15, 2026 in the Venture XVI CLO Ltd./Venture XVI CLO LLC offering, according to market sources on Tuesday.
The CLO priced $310 million of class A-1L senior secured floating-rate notes (Aaa/AAA/) at Libor plus 150 basis points; $38 million of class A-2L senior secured floating-rate notes (Aa2) at Libor plus 200 bps; $10 million of 4.395% class A-2F senior secured fixed-rate notes (Aa2) and $49 million of class A-3L mezzanine secured deferrable floating-rate notes (A2) at Libor plus 275 bps.
The CLO also priced $29 million of class B-1L mezzanine secured deferrable floating-rate notes (Baa3) at Libor plus 345 bps; $27 million of class B-2L junior secured deferrable floating-rate notes (Ba3) at Libor plus 450 bps and $49.77 million of subordinated notes.
RBS Securities Inc. arranged the deal.
MJX Asset Management will manage the CLO.
The non-callable period ends April 15, 2016, and the reinvestment period ends April 16, 2018.
The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans.
New York City-based MJX Asset Management priced three CLOs in 2013, including the $600 million Venture XIII CLO Ltd. transaction, the $590.25 million Venture XIV CLO Ltd. offering and the $614.5 million Venture XV CLO, Ltd. deal.
Issuer: | Venture XVI CLO, Ltd./Venture XVI CLO LLC
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Amount: | $512.77 million
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Maturity: | April 15, 2026
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | RBS Securities Inc.
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Manager: | MJX Asset Management LLC
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Call feature: | April 15, 2016
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Settlement date: | March 14
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|
Class A-1L notes
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Amount: | $310 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 150 bps
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Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
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Class A-2L notes
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Amount: | $38 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 200 bps
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Rating: | Moody's: Aa2
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Class A-2F notes
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Amount: | $10 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 4.395%
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Rating: | Moody's: Aa2
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Class A-3L notes
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Amount: | $38 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 275 bps
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Rating: | Moody's: A2
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Class B-1L notes
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Amount: | $29 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 345 bps
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Rating: | Moody's: Baa3
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Class B-2L notes
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Amount: | $27 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | Libor plus 450 bps
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Rating: | Moody's: Ba3
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|
Equity tranche
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Amount: | $49.77 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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