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.

CIFC prices $613 million

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.

The $723.15 million deal originally priced on June 12, 2014. The CLO originally sold $437.5 million of the class A senior secured floating-rate notes at Libor plus 149 bps.

CIFC Asset Management has priced three new CLOs and refinanced three vintage CLOs year to date.

The credit manager is based in New York.

NXT sells $271 million

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.

NXT Capital CLO 2014-1, LLC is the CLO manager.

NXT Capital originally issued $357.45 million of the notes in May 2014. NXT Capital sold $188.75 million of the class A notes at Libor plus 175 bps.

NXT Capital is a Chicago-based middle-market lending and financial services firm.

Mariner reprices CLO

Mariner Investment Group refinanced $503.4 million of notes in a reset of the broadly syndicated CLO transaction originally priced in 2016, according to a market source and a notice of executed supplemental indenture on Monday.

Mariner CLO 2016-3 Ltd./Mariner CLO 2016-3 LLC sold $315 million of class A-R floating-rate notes at Libor plus 127 bps at the top of the capital structure.

Citigroup Global Markets Inc. was the refinancing agent.

The maturity on the refinanced notes was extended to July 23, 2029 from the original July 2026 maturity.

Mariner priced the $503.4 million original transaction on June 30, 2016. The CLO sold the $330 million tranche of class A floating-rate notes at Libor plus 159 bps.

Mariner Investment Group priced one CLO offering in 2016.

The alternative asset management firm is based in New York City.

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