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GoldenTree closes USD734m CLO under GLM strategy

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GoldenTree Loan Management (GLM) and its affiliated investment manager GoldenTree Asset Management have closed a USD734 million collateralised loan obligation (CLO) to be managed by GLM.

The CLO, GoldenTree Loan Management US CLO 2 (GLM US CLO 2), is the second to be issued under GoldenTree’s GLM CLO strategy announced in January whereby GLM raised USD600 million in commitments to invest in and manage CLOs that are intended to be compliant with US and European Risk Retention regulations. The first CLO issued under this strategy was a USD711 million CLO (GLM US CLO 1) announced in April.
 
GLM US CLO 2 will initially be backed by a 97 per cent ramped USD700 million portfolio of senior secured loans as of closing and will have a five year reinvestment period and a two year non-call period. The CLO was arranged by a bank syndicate including Wells Fargo as structuring lead, Bank of America Merrill Lynch and Morgan Stanley as co-leads, and GreensLedge as placement agent. The syndicate globally distributed the investment grade rated notes issued by the CLO, while GLM invested in the CLO’s equity and lower rated notes.
 
GLM US CLO 2 issued USD471 million of AAA rated senior notes with a coupon of L+1.15 per cent, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of L+1.65 per cent.

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