RSS
|
Opalesque Industry Update - GoldenTree Loan Management and its affiliated investment manager GoldenTree
Asset Management, announced the closing of a $734 million collateralized loan obligation
to be managed by GLM. The CLO, GoldenTree Loan Management US CLO 2, is the second to be issued under
GoldenTree's GLM CLO strategy announced in January whereby GLM raised $600 million in commitments to invest in and
manage CLOs that are intended to be compliant with US and European Risk Retention regulations. The first CLO issued under
this strategy was a $711 million CLO announced in April. GLM US CLO 2 will initially be backed by a 97% ramped $700 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 including Wells Fargo as structuring lead, Bank of America Merrill Lynch and Morgan Stanley as co-leads, and GreensLedge as placement agent. The syndicate globally distributed the investment grade rated notes issued by the CLO, while GLM invested in the CLO's equity and lower rated notes. GLM US CLO 2 issued $471 million of AAA rated senior notes with a coupon of L+1.15%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of L+1.65%. Since its inception in 2000, GoldenTree has issued over $11.5 billion of CLOs/CBOs, with over $5.5 billion currently outstanding. GoldenTree'sinvestment team is comprised of over 50 individuals covering over 25 industries and having, on average, 16 years of experience. In addition, GoldenTree has been an active investor in structured credit since 2007 and currently manages over $3.4 billion of structured products investments across the firm. |
Industry Updates
GoldenTree closes $734 Million CLO
Wednesday, November 29, 2017
|
|
