Benefit Street prices $438 million second CLO reprint; NXT Capital refinances two CLOs

By Cristal Cody

Tupelo, Miss., April 24 – The CLO refinancing market has been active with three vintage deals repriced.

Benefit Street Partners LLC priced $438 million of notes in a second refinancing of a 2014 broadly syndicated CLO.

Meanwhile, NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC refinanced two middle-market CLO deals.

The CLO manager priced $122.65 million of notes from a 2017 middle-market CLO and $99.5 million of notes in a second refinancing of a 2015 middle-market CLO.

Year to date, about $10 billion of vintage CLOs have been refinanced, repriced or reissued, according to market sources.

In its deal, Benefit Street priced $438 million of notes due Jan. 20, 2029 in a second refinancing of the Benefit Street Partners CLO IV Ltd./Benefit Street Partners CLO IV LLC transaction, according to a market source and a notice of executed second supplemental indenture.

In the senior tranches, Benefit Street Partners CLO IV sold $305 million of class A-1RR senior secured floating-rate notes at Libor plus 125 basis points and $65 million of class A-2-RR senior secured floating-rate notes at Libor plus 175 bps.

Deutsche Bank Securities Inc. was the refinancing placement agent.

Benefit Street Partners originally issued $512.27 million of notes in the CLO on May 29, 2014. The CLO was first refinanced Dec. 22, 2016.

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