GoldenTree closes CLO with $554m

GoldenTree Loan Management, an affiliate of GoldenTree Asset Management, announced the closing of a $554 million collateralized loan obligation (CLO). Following the closing of the CLO, the GoldenTree loan affiliate, has a total of nine CLOs totaling $6 billion since the unit’s 2017 inception. Since the investment firm’s 2000 inception, GoldenTree has issued approximately $16 billion of CLOs/CBOs with approximately $8 billion currently outstanding. GoldenTree has been an active investor in structured credit since 2007 and currently manages approximately $4 billion of structured products investments across the firm. The firm manages approximately $32 billion for institutional investors, such as pensions, endowments foundations, insurance companies and sovereign wealth funds. This latest CLO offering called GoldenTree Loan Management US CLO 6 will initially be backed by a 98% ramped $539 million portfolio of senior secured loans as of closing and will have a five-year reinvestment period and a two-year non-call period. The CLO was arranged by a bank syndicate that included BofA Securities as structuring lead, and Morgan Stanley and Wells Fargo Securities as co-leads. This syndicate distributed the notes globally, while GoldenTree’s loan unit invested in the CLO’s equity and lower-rated notes. The GLM US CLO 6 issued $352 million of AAA rated senior notes with a coupon of LIBOR plus 1.34% along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of LIBOR plus 1.95%.

GoldenTree closes CLO with $554m

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