GoldenTree Loan Management II, an affiliate of $47 billion GoldenTree Asset Management, closed its latest CLO at $487 million this week.
GoldenTree Loan Management US CLO 14 will initially be backed by a 97% ramped $478 million portfolio of senior secured loans as of closing and will have a five-year reinvestment period and a two-year non-call period, according to an announcement from the company.
A bank syndicate, including BofA Securities as structuring lead, and Morgan Stanley and Wells Fargo Securities as co-leads, arranged the CLO. The syndicate globally distributed the investment grade and BB rated notes issued by the CLO, while GLM II invested in the CLO’s equity as well as B-rated notes.
GLM US CLO 14 issued $315 million of AAA-rated senior notes with a coupon of S+1.70%, along with lower rated senior, mezzanine and junior notes. This translates into an overall weighted average coupon S+2.39%
To-date, GoldenTree has issued 19 CLOs totaling over $11 billion. Since its inception in 2000, GoldenTree has issued over $21 billion of CLOs/CBOs, with over $13.5 billion currently outstanding.
GoldenTree’s investment team is comprised of more than 70 individuals covering around 20 industries and having, on average, 14 years of experience. In addition, GoldenTree has been an active investor in structured credit since 2007 and currently manages over $5 billion of structured products investments across the firm.