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Maples Group Assists MJX Asset Management on First New-Issue CLO of 2017

16 Mar 2017

Maples and Calder and Maples Fiduciary have assisted MJX Asset Management ("MJX") on its dual compliant $528 million Venture XXVI CLO – the first new-issue CLO of the year globally.  The deal, which priced on 19 January 2017, was arranged by Jefferies and closed on 14 February 2017. 

In addition to providing Cayman Islands legal advice to the issuer and MJX, and listing services in Ireland, Maples and Calder also advised on the risk retention structure for the deal, which saw the Collateral Manager retain a 5% vertical strip in the issue in order to comply with risk retention requirements in both the US and Europe.  Maples Fiduciary in the Cayman Islands provides fiduciary services to the issuer. 

The Maples and Calder team was led by Partner Scott Macdonald and Associate James Reeve, while the Maples Fiduciary team was led by Senior Vice Presidents Andrew Dean and Cleveland Stewart. 

Mark Matthews, global head of Maples and Calder's Finance practice, commented: "We are pleased to have assisted our client with the first CLO to get out the door in 2017 and we look forward to continuing to work with MJX.  This transaction exemplifies the Maples group's comprehensive CLO offering, where we provide global legal, listing and fiduciary services for all aspects of a CLO manager's business."

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Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.