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GoldenTree closes $710M collateralized loan obligation

GoldenTree Loan Management LP and its affiliated investment manager, GoldenTree Asset Management LP, have closed a $710 million collateralized loan obligation.

GoldenTree Loan Management US CLO 3, which will be managed by GoldenTree Loan Management, is the fifth to be issued under GoldenTree's GLM CLO strategy announced in January 2017.

The CLO will initially be backed by a 92% ramped $646 million portfolio of senior secured loans as of closing. It will have a five-year reinvestment period and a two-year non-call period. It issued $452 million of AAA rated senior notes with a weighted average coupon of L+1.03%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of L+1.55%.

The CLO was arranged by a bank syndicate including Bank of America Merrill Lynch as structuring lead, Morgan Stanley and Wells Fargo Securities as co-leads, and GreensLedge as placement agent.