Pickup in second quarter reissues eyed; NXT to refinance 2015, 2017 middle-market CLOs

By Cristal Cody

Tupelo, Miss., April 2 – CLO refinancing volume is expected to pick up in the second quarter.

NXT Capital LLC subsidiary NXT Capital Investment Advisers LLC plans to refinance notes from two middle-market CLOs.

The CLO manager intends to price $122.65 million of notes in a refinancing of a 2017 deal and $99.5 million of notes in a second refinancing of a 2015 middle-market CLO.

In the first quarter, more than $9 billion of vintage CLOs were refinanced, reset or reissued, according to a BofA Merrill Lynch research report.

CLO refinancings are likely to increase in the second quarter after a month of mostly steady spreads, according to a BofA Merrill Lynch report.

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