GoldenTree Asset Management has held the closing of a €404m collateralised loan obligation to be managed by GLM III, bringing the total number of CLOs issued under the firm’s GLM CLO strategy to 28, totalling over $15bn.
GLM EUR CLO 7 has an approximately €400m portfolio of primarily senior secured loans as of closing and will have approximately a four and a half year reinvestment period and approximately a one and a half year non-call period. The CLO was arranged by a bank syndicate including Morgan Stanley, Barclays and Wells Fargo, which globally distributed the investment grade and BB- rated notes. GLM III invested in the CLO’s equity and certain rated notes.
GLM EUR CLO 7 issued €250m of AAA rated senior notes with a weighted average coupon of E+1.45%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of E+2.20%.
Since its inception in 2000, GoldenTree has issued over $25bn of CLOs/CBOs, with nearly $15bn currently outstanding.
