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.
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Amount: | $388 million
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Maturity: | April 28, 2038
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Securities: | Fixed-rate and subordinated notes
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Structure: | Cash flow CDO
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Placement agent: | GreensLedge Capital Markets LLC
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Managers: | Romark Credit Advisors LP
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Call feature: | Two years
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Settlement date: | Feb. 20
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Class A notes
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Amount: | $171.5 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.57%
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Rating: | Moody’s: Aaa
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Class B notes
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Amount: | $52.9 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 4.12%
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Rating: | Moody’s: Aa3
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Class C notes
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Amount: | $18.3 million
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Securities: | Mezzanine secured deferrable fixed-rate notes
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Coupon: | 4.47%
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Rating: | Moody’s: A3
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Class D notes
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Amount: | $18.3 million
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Securities: | Mezzanine secured deferrable fixed-rate notes
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Coupon: | 5.72%
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Rating: | Moody’s: Baa3
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Equity
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Amount: | $127 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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