CIFC, NXT Capital refinance 2014 CLOs; Mariner prices $503.4 million reset of 2016 CLO

By Cristal Cody

Tupelo, Miss., July 25 – Three more CLO managers refinanced vintage CLO deals, including a 2016 transaction.

More than $98 billion of CLOs have been refinanced year to date, according to market sources.

CIFC Asset Management LLC refinanced $613 million of notes from a 2014 CLO.

NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC also refinanced $271 million of notes from a 2014 middle-market CLO deal.

Mariner Investment Group, LLC returned to the CLO market to refinance $503.4 million of notes in a reset of a 2016 CLO.

In its deal CIFC Asset Management refinanced $613 million of notes due July 22, 2026 in the vintage CIFC Funding 2014-III Ltd./CIFC Funding 2014-III LLC transaction, according to a market source and a notice of executed supplemental indenture on Tuesday.

The CLO priced $437.5 million of class A-R senior secured floating-rate notes at Libor plus 95 basis points in the AAA-rated tranche.

J.P. Morgan Securities LLC arranged the offering.

Meanwhile, NXT Capital Investment Advisers priced $271 million of notes due April 23, 2026 in a refinancing of the 2014 middle-market CLO offering, NXT Capital CLO 2014-1 LLC, according to a market source and a notice of executed supplemental indenture No. 1 on Tuesday.

NXT Capital CLO 2014-1 sold $188.75 million of senior secured floating-rate notes at Libor plus 140 bps in the class A-R tranche.

Wells Fargo Securities LLC arranged the deal.

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