GoldenTree Asset Management has closed a $500m collateralised loan obligation – GoldenTree Loan Management US CLO 20 – to be managed by GLM III, taking the total issued under the firm's GLM strategy to over $14bn via 26 CLOs.
GLM US CLO 20 will initially be backed by an 80% ramped $445m portfolio of primarily senior secured loans as of closing and will have a five-year reinvestment period and a two-year non-call period.
GLM US CLO 20 issued $308m of AAA rated senior notes with a coupon of S+1.45%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of S+1.91%.
The CLO was arranged by a bank syndicate including BofA Securities, Morgan Stanley and Wells Fargo Securities. The syndicate globally distributed the rated notes issued by the CLO, while GLM III invested in the CLO’s equity.
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