MJX Asset Management to refinance $384 million of secured notes from Venture XXV CLO

By Cristal Cody

Tupelo, Miss., Dec. 4 – MJX Asset Management LLC plans to refinance $384 million of notes due April 20, 2029 from a 2016 vintage broadly syndicated collateralized loan obligation offering in December, according to a notice of optional redemption by refinancing of class A notes on Monday.

Venture XXV CLO, Ltd. intends to price $384 million of class A-R senior secured floating-rate notes (expected ratings Aaa//AAA).

Jefferies LLC and Mizuho Securities USA Inc. are the refinancing placement agents.

The notes are due April 20, 2029.

The reinvestment period ends March 20, 2021.

The CLO plans to refinance $369 million of class A-1 senior secured floating-rate notes and $15 million of class A-F senior secured fixed-rate notes.

In the original $601.6 million transaction issued Dec. 20, 2016, the CLO sold $369 million of class A-1 senior secured floating-rate notes at Libor plus 149 basis points and $15 million of 3.1% class A-F senior secured fixed-rate notes.

The CLO also had priced $68.5 million of class B senior secured floating-rate notes at Libor plus 200 bps; $15 million of class C-1 deferrable floating-rate notes at Libor plus 260 bps; $24.5 million of 4.45% class C-F deferrable fixed-rate notes; $12 million of class D-1 deferrable floating-rate notes at Libor plus 430 bps; $18.75 million of class D-2 deferrable floating-rate notes at Libor plus 421 bps; $29.25 million of class E deferrable floating-rate notes at Libor plus 716 bps and $49.6 million of subordinated notes.

Proceeds will be used to redeem the class A-1 and A-F notes on Dec. 13. The other tranches will remain outstanding.

The asset management company is based in New York City.

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