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 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.

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