MJX Asset Management is planning what appears to be its first CLO since the financial crisis.
The deal, dubbed Venture X CLO Ltd., will have a par amount of $408 million, according to a presale report from Moody’s Investors Service.
Moody’s has provisionally assigned an Aaa rating to $263.5 million of class A notes and a Ba2 rating to $13.75 million of class E notes.
At least 95% of the assets collateralizing the notes will be broadly syndicated first-lien senior secured corporate loans, according to Moody’s presale report. The ratings agency said that the portfolio is expected to be 60% ramped as of the closing date. MJX will direct the selection, acquisition and disposition of collateral on during the transaction's four year reinvestment period.
According to MJX’s website, the firm currently manages $4.4 billion in 11 “CDO funds consisting primarily of leveraged loans.” The most recent deal, Venture IX CDO Ltd, closed in September 2007 with an initial capitalization of $500 million