Golden Tree Closes $599M CLO Under GLM Strategy

GoldenTree Asset Management LP closed a $599 million collateralized loan obligation (CLO) to be managed by GLM III, a continuation of the GoldenTree Loan Management program that began in 2016. With the closing of GLM US CLO 22, the asset manager has issued 29 CLOs totaling approximately $16 billion under its GLM CLO strategy.

The CLO will initially be backed by a 100% ramped $598 million portfolio of primarily senior secured loans as of closing and will have a five-year reinvestment period and a two-year non-call period. The CLO was arranged by BNP Paribas Securities Corp. as sole lead.

GLM US CLO 22 issued $384 million of AAA rated senior notes with a coupon of S+1.33%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of S+1.76%.

Since its inception in 2000, GoldenTree has issued over $25 billion of CLOs/CBOs, with over $13 billion currently outstanding. 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.

NY-based GoldenTree manages approximately $56 billion in assets across high yield bonds, leveraged loans, private credit, distressed debt, structured credit, emerging markets, real estate, private equity and credit-themed equities.