Chicago, June 4 – Romark CLO Advisors LLC priced a new $402.85 million broadly syndicated CLO with Romark CLO-IV Ltd./Romark CLO-IV LLC listed as co-issuers, according to a pre-sale report.
The notes will mature on July 10, 2034.
The CLO includes $240 million of class A-1 senior secured floating-rate notes at Libor plus 117 basis points, $50 million of class A-2a senior secured floating-rate notes at Libor plus 180 bps and $14 million of class A-2b 3.1% senior secured fixed-rate notes.
Lower, there are $24 million of class B senior secured deferrable floating-rate notes at Libor plus 235 bps, $16 million of class C-1 senior secured deferrable floating-rate notes at Libor plus 320 bps, $8 million of class C-2 senior secured deferrable floating-rate notes at Libor plus 500 bps, $14.2 million of class D senior secured deferrable floating-rate notes at Libor plus 695 bps and $36.65 million of subordinated notes.
Romark will manage the collateral, mostly broadly syndicated speculative-grade senior secured term loans.
The reinvestment period ends July 10, 2026.
The notes come with two years of call protection.
J.P. Morgan Securities LLC worked as the placement agent.
The CLO manager is an affiliate of New York-based investment firm Shenkman Capital Management, Inc.
| Issuers: | Romark CLO-IV Ltd./Romark CLO-IV LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Amount: | $402.85 million
|
| Maturity: | July 10, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Romark CLO Advisors LLC
|
| Call feature: | June 1, 2023
|
| Settlement date: | June 1
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2b notes
|
| Amount: | $14 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.1%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class C-1 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class C-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $14.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.65 million
|
| Securities: | Subordinated notes
|
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