By Cristal Cody
Tupelo, Miss., June 3 – GoldenTree Asset Management LP priced $720.25 million of notes due July 20, 2028 in 10 tranches in a collateralized loan obligation deal, according to a market source.
GoldenTree Loan Opportunities X Ltd./GoldenTree Loan Opportunities X, LLC sold $4.5 million of class X floating-rate notes at Libor plus 100 basis points, $225 million of class A-1 floating-rate notes at Libor plus 133 bps and $195 million of class A-2 floating-rate notes at Libor plus 142 bps.
The CLO also sold $86 million of class B floating-rate notes at Libor plus 190 bps; $52.5 million of class C floating-rate notes at Libor plus 265 bps; $44.75 million of class D floating-rate notes at Libor plus 335 bps; $11.75 million of class E-1 floating-rate notes at Libor plus 600 bps; $25.5 million of class E-2 floating-rate notes at Libor plus 520 bps; $10.5 million of class F floating-rate notes at Libor plus 610 bps and $64.75 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
GoldenTree Asset Management will manage the CLO.
The CLO has a three-year non-call period and a five-year reinvestment period.
The transaction is backed mainly by first-lien senior secured loans.
Proceeds from the deal will be used to purchase a portfolio of about $700 million of primarily senior secured leveraged loans.
GoldenTree Asset Management previously brought the $553.05 million GoldenTree Loan Opportunities XI Ltd./GoldenTree Loan Opportunities XI, LLC deal on Feb. 27.
The New York City-based private investment firm priced three CLOs in 2014.
| Issuer: | GoldenTree Loan Opportunities X Ltd./GoldenTree Loan Opportunities X, LLC
|
| Amount: | $720.25 million
|
| Maturity: | July 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | GoldenTree Asset Management LP
|
| Call feature: | Three years
|
| Pricing date: | June 2
|
| Settlement date: | June 30
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $225 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $195 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $86 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $52.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $44.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Ratings: | Non-rated
|
|
|
| Class E-1 notes
|
| Amount: | $11.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Ratings: | Non-rated
|
|
|
| Class E-2 notes
|
| Amount: | $25.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $10.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $64.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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