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GoldenTree closes €405M collateralized loan obligation

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

This is the second European CLO issued under GoldenTree's GLM CLO strategy.

The CLO will initially be backed by a 92% ramped €367 million portfolio, mainly comprising senior secured loans, and will have a 4.5-year reinvestment period in addition to a two-year non-call period. It issued €240 million senior notes with an overall weighted average floating rate coupon of E+1.78% and €15 million fixed-rate notes with a coupon of 2.60%.

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