GoldenTree Asset Management announced the closing of a $602 million collateralized loan obligation managed under its GLM strategy. The new CLO, named GoldenTree Loan Management US CLO 29, represents the 38th CLO issued under the firm’s GLM CLO platform and brings total issuance under the strategy to more than $21 billion.
The transaction was completed through GLM III, LP and affiliated investment manager GoldenTree Asset Management. The company said the GLM strategy, launched in January 2017, was designed to comply with applicable risk retention regulations and continues to align with European Union and United Kingdom risk retention standards.
GoldenTree Loan Management US CLO 29 is initially backed by a 98% ramped $591 million portfolio consisting primarily of senior secured loans at closing. The CLO includes a five-year reinvestment period and a two-year non-call period. BofA Securities served as sole lead arranger for the transaction.
The CLO issued $384 million of senior AAA-rated debt carrying a coupon of S+1.23%, alongside junior AAA-rated notes and additional lower-rated senior, mezzanine, and junior notes. The overall weighted average coupon for the issuance was S+1.71%. GoldenTree said GLM III invested in the CLO’s equity tranche as well as the B-rated notes.
Since its founding in 2000 by Steven Tananbaum, GoldenTree Asset Management LP has issued more than $30 billion of CLOs and CBOs, with over $13 billion currently outstanding. The firm manages nearly $70 billion in assets across credit-focused investment strategies spanning leveraged loans, high-yield bonds, distressed debt, structured credit, private credit, emerging markets, and real estate.
GoldenTree said its investment team includes approximately 100 professionals covering more than 30 industries with an average of 16 years of experience. The firm also manages more than $9 billion in structured credit investments globally.
