GLM III and its affiliated investment manager GoldenTree Asset Management closed a $501 million collateralized loan obligation (CLO) to be managed by GLM III. With the closing of this CLO, GoldenTree Loan Management US CLO 21 (GLM US CLO 21), GoldenTree has issued 27 CLOs totaling approximately $15 billion under its GLM CLO strategy.
GLM US CLO 21 will initially be backed by a 95% ramped $476 million portfolio of primarily 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 Wells Fargo Securities as sole lead. The arranger distributed the rated notes issued by the CLO, while GLM III invested in the CLO’s equity.
GLM US CLO 21 issued $320 million of AAA rated senior notes with a coupon of S+1.42%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of S+1.84%.
