GoldenTree sells $734.3 million in its second new CLO; notes distributed globally

By Cristal Cody

Tupelo, Miss., Nov. 29 – GoldenTree Loan Management LP brought $734,365,000 of notes in the CLO manager’s second new transaction of the year.

The CLO offering closed on Wednesday.

“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,” the manager said in a news release.

GoldenTree Loan Management said the 2017 deals are intended to be compliant with U.S. and European risk retention regulations.

Since GoldenTree was formed in 2000, the company has issued more than $11.5 billion of CLOs and CBOs, with more than $5.5 billion currently outstanding, according to the release.

GoldenTree Loan Management sold $734,365,000 of notes due Nov. 28, 2030 in the new CLO offering, according to a market source and a company news release on Wednesday.

GoldenTree Loan Management US CLO 2 Ltd./GoldenTree Loan Management US CLO 2 Inc. priced $471.25 million of class A senior secured floating-rate notes at Libor plus 115 basis points in the senior tranche.

Wells Fargo Securities, LLC was the structuring lead placement agent.

The CLO is initially backed by a 97% ramped $700 million portfolio of senior secured loans.

GoldenTree Asset Management has priced two new CLOs and refinanced one vintage CLO year to date.

In 2016, GoldenTree Asset Management priced one U.S. CLO and refinanced two vintage CLOs.

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