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Direct Investment  + CLOs  |  January 6, 2023
Credit-focused Golden Tree Closes $487M CLO in GLM Strategy
Joe Palmisano
By: Joe Palmisano

Golden Tree Closes $487M CLO in GLM Strategy

GoldenTree Loan Management II, an affiliate of $48bn GoldenTree Asset Management, a credit-focused investment firm, closed its latest collateralized loan obligation (CLO) with $487mn.

The firm has issued 21 CLOs totaling over $12bn in capital since 2017 with its latest offering.

The new CLO, GLM US CLO 16, will initially be backed by a 95% ramped $474mn portfolio of senior secured loans as of closing and will have a three-year reinvestment period and a one-year non-call period, according to the firm.

GLM US CLO 16 issued $325 million of AAA rated senior notes with a weighted average coupon of S+2.33%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of S+2.96%.

Since its inception in 2000, GoldenTree has issued over $21bn of CLOs/CBO – Collateralized Bond Obligations, with over $14bn currently outstanding. The firm has been active in structured credit since 2007 and currently manages over $5bn of structured products investments.

GoldenTree remained very active in the CLO market last year; its two previous offerings totaled $390mn and $487mn, respectively.

The CLO was arranged by a bank syndicate including Wells Fargo Securities, Bank of America Securities and Morgan Stanley.

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Golden Tree Asset Management

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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