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Romark prices $458.8 million CLO, firm’s first deal of year; Intermediate Capital refinances
By Cristal Cody
Tupelo, Miss., Aug. 10 – Romark CLO Advisors LLC closed Friday on a new $458.8 million CLO offering in the CLO manager’s first new deal of the year.
The firm brought one new CLO transaction to the primary market in 2017.
In other deal activity, Intermediate Capital Managers Ltd. refinanced €372 million of notes from a European CLO first priced in 2016. The reissue is the manager’s second reported euro-denominated CLO refinancing transaction year to date.
Nearly $70 billion of new dollar-denominated CLOs have priced this year, while about €13 billion of vintage euro CLOs have refinanced year to date, according to market sources.
Romark prints CLO II
Romark CLO Advisors sold $458,875,000 of notes due July 25, 2031 in the CLO offering, according to a market source.
Romark CLO-II Ltd. priced $290.25 million of class A-1 senior floating-rate notes at Libor plus 118 basis points in the senior tranche.
Citigroup Global Markets Inc. was the placement agent.
Romark CLO-II is collateralized primarily by broadly syndicated senior secured corporate loans.
The CLO manager is an affiliate of New York-based investment firm Shenkman Capital Management, Inc.
St. Paul’s CLO VI repriced
Intermediate Capital Managers priced €372 million of notes due July 23, 2029 in a refinancing of the St. Paul’s CLO VI DAC transaction, according to a market source.
The CLO sold €248 million of class A-1R senior secured floating-rate notes at Euribor plus 85 bps at the top of the capital stack.
Citigroup Global Markets Ltd. was the refinancing placement agent.
The CLO originally was issued on June 22, 2016.
The deal is collateralized primarily by broadly syndicated first lien senior secured corporate loans.
Intermediate Capital Managers, a London-based investment management firm, priced one new CLO deal and refinanced three vintage CLOs in 2017.
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