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GoldenTree closes €405M collateralized loan obligation

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GoldenTree closes €405M collateralized loan obligation

GoldenTree Loan Management LP and its affiliated investment manager, GoldenTree Asset Management LP, have closed a €405 million collateralized loan obligation.

GoldenTree Loan Management EUR CLO 1, which will be managed by GoldenTree Loan Management, is the first European CLO to be issued under GoldenTree's GLM CLO strategy announced at the start of 2017. The CLO will have a four-year reinvestment period and a two-year noncall period. It will initially be backed by a 98% ramped €393 million portfolio of senior secured loans as of closing.

The CLO issued a €241 million AAA-rated senior tranche, comprising floating-rate and fixed-rate notes with coupons of E+0.73% and 1.37%, respectively. The weighted average floating rate coupon on the capital structure is E+1.47%.

The CLO was arranged by a bank syndicate including Citigroup as structuring lead, Barclays and Morgan Stanley as co-leads, and Goldman Sachs and Wells Fargo Securities as placement agents.