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

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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