GoldenTree Asset Management has closed a $703m (£528.4m) collateralised loan obligation (CLO).
It brings the number of CLOs issued by GoldenTree to 37, totalling nearly $21bn under its GoldenTree Loan Management (GLM) CLO strategy, which launched in January 2017.
The new CLO, named GLM US CLO 28 and managed by GLM III, will initially be backed by a 99 per cent ramped $694m portfolio of primarily senior secured loans at closing, and will have a five-year reinvestment period and a two-year non-call period.
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Morgan Stanley acted as structuring lead, while BofA Securities and Wells Fargo Securities acted as co-leads.
According to GoldenTree, the bank syndicate globally distributed the investment grade and BB-rated notes issued by the CLO, while GLM III invested in the CLO’s equity and B-rated notes.
GLM US CLO 28 issued $448m of senior AAA-rated notes, along with junior AAA-rated notes and other lower-rated senior, mezzanine and junior notes.
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GoldenTree has issued more than $30bn of CLOs/collateralisd bond obligations since 2000, with over $13bn outstanding.
The global asset manager, which manages approximately $65bn for institutional investors, specialises in opportunities across the credit universe, including private credit, structured credit, emerging markets, real estate, and private equity.
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