By Cristal Cody
Tupelo, Miss., Feb. 21 – Romark Credit Advisors LP sold $388 million of notes due April 28, 2038 in a collateralized debt obligation transaction, according to a market source.
Romark Credit Funding I, Ltd. priced $171.5 million of 3.57% class A senior secured fixed-rate notes; $52.9 million of 4.12% class B senior secured fixed-rate notes; $18.3 million of 4.47% class C mezzanine secured deferrable fixed-rate notes; $18.3 million of 5.72% class D mezzanine secured deferrable fixed-rate notes and $127 million of subordinated notes.
GreensLedge Capital Markets LLC was the placement agent.
The CDO is collateralized primarily by corporate bonds and loans.
Romark is an affiliate of New York-based investment firm Shenkman Capital Management, Inc.
| Issuer: | Romark Credit Funding I, Ltd.
|
| Amount: | $388 million
|
| Maturity: | April 28, 2038
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CDO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Managers: | Romark Credit Advisors LP
|
| Call feature: | Two years
|
| Settlement date: | Feb. 20
|
|
|
| Class A notes
|
| Amount: | $171.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.57%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $52.9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.12%
|
| Rating: | Moody’s: Aa3
|
|
|
| Class C notes
|
| Amount: | $18.3 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 4.47%
|
| Rating: | Moody’s: A3
|
|
|
| Class D notes
|
| Amount: | $18.3 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.72%
|
| Rating: | Moody’s: Baa3
|
|
|
| Equity
|
| Amount: | $127 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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