Romark prices $427.72 million CLO; investment-grade CBO/CDO/CLO tranches trade

By Cristal Cody

Tupelo, Miss., Aug. 20 – Romark CLO Advisors LLC sold $427.72 million of notes in the manager’s third CLO transaction to date.

Romark brought one new CLO to the primary market in 2017 and 2018.

Nearly $70 billion of broadly syndicated CLOs have priced year to date, according to market sources.

Meanwhile, the securitized secondary market was active in high-grade CBO/CDO/CLO issues on Monday, according to Trace data.

During the session, $327.51 million of investment-grade securities were traded, as well as $103.3 million of lower-rated securities.

The investment-grade issues traded with an average price of 98.50 on Monday. Non-high-grade CBO/CDO/CLO issues traded at an average price of 93.50.

Romark prices CLO

Romark CLO Advisors sold $427.72 million of notes due July 15, 2032 in the new CLO transaction, according to a market source.

Romark CLO-III Ltd. priced $274.12 million of class A-1 floating-rate notes at Libor plus 137 basis points at the top of the capital structure.

J.P. Morgan Securities LLC was the placement agent.

Romark CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

The transaction is the CLO manager’s first transaction this year.

The CLO manager is an affiliate of New York-based investment firm Shenkman Capital Management, Inc.

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