GoldenTree Announces Closing of €404 Million CLO Under GLM Strategy
2024年7月15日 - 9:00PM
ビジネスワイヤ(英語)
GLM III, LP (“GLM III”) and its affiliated investment manager
GoldenTree Asset Management LP (along with other affiliated
investment managers “GoldenTree”), announced the closing of a €404
million collateralized loan obligation (“CLO”) to be managed by GLM
III. With the closing of this CLO, GoldenTree Loan Management EUR
CLO 7 (“GLM EUR CLO 7”), GoldenTree has issued 28 CLOs totaling
over $15 billion under its GLM CLO strategy. Since its inception in
January 2017, the GLM strategy was intended to be compliant with
applicable Risk Retention regulations. While a US Court of Appeals
ruling on February 9, 2018 led to the repeal of US risk retention
rules for open market CLOs, GLM CLOs are intended to continue to
comply with European Union and United Kingdom Risk Retention
regulations.
GLM EUR CLO 7 will initially be backed by a 100% ramped
approximately €400 million 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 as structuring lead, Barclays as co-lead, and Wells
Fargo as placement agent. The syndicate 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 €250 million 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 $25
billion of CLOs/CBOs, with nearly $15 billion currently
outstanding. GoldenTree’s investment team is comprised of over 90
individuals covering over 30 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
$7 billion of structured credit investments across the firm.
About GoldenTree
GoldenTree is an employee-owned, global asset management firm
that specializes in opportunities across the credit universe in
sectors such as high yield bonds, leveraged loans, private credit,
distressed debt, structured credit, emerging markets, private
equity and credit-themed equities. GoldenTree was founded in 2000
by Steven Tananbaum and is one of the largest independent global
credit asset managers. GoldenTree manages nearly $55 billion for
institutional investors, including leading public and corporate
pensions, endowments, foundations, insurance companies and
sovereign wealth funds. GoldenTree has over 310 employees, with
offices in New York, West Palm Beach, Charlotte, Newport Beach,
Dallas, London, Dublin, Munich, Singapore, Sydney, Tokyo and Dubai.
For more information, please visit www.goldentree.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240715760870/en/
Investors: Kathy Sutherland GoldenTree Asset Management
212-847-3455 ksutherland@goldentree.com
Erin Morgan GoldenTree Asset Management 212-847-3503
emorgan@goldentree.com
Media: Lauren Fernandez Laurel Strategies, Inc.
202-776-7776 media@goldentree.com