GoldenTree Closes $500M CLO Under GLM Strategy
GoldenTree Asset Management LP and its affiliate GLM III, LP (GLM III) has closed a $500 million collateralized loan obligation (CLO), GLM US CLO 24, managed by GLM III. This marks the 32nd CLO issued under GoldenTree’s GLM CLO strategy, bringing the total issuance to over $17 billion.
GLM US CLO 24 is supported by a fully ramped $499 million portfolio, primarily of senior secured loans, with a five-year reinvestment period and a two-year non-call period. J.P. Morgan acted as the sole lead structurer and placement agent, globally distributing the CLO’s rated notes, while GLM III invested in the CLO’s equity tranche.
The CLO issued $320 million in AAA-rated senior notes at a coupon of SOFR+1.15%, alongside lower-rated senior, mezzanine, and junior notes, resulting in a weighted average coupon of SOFR+1.55%.
Since its founding in 2000 by Steven Tananbaum, GoldenTree has issued over $26 billion in CLOs/CBOs, with $14 billion currently outstanding. The firm has managed nearly $8 billion in structured credit investments since 2007 and oversees approximately $58 billion in assets for institutional clients, including public and corporate pensions, endowments, foundations, insurers, and sovereign wealth funds, solidifying its position as a leading independent global credit asset manager.
