By Cristal Cody
Tupelo, Miss., Oct. 10 – GoldenTree Asset Management LP priced $667.75 million of notes due Oct. 29, 2026 in a collateralized loan obligation offering, according to a market source.
GoldenTree Loan Opportunities IX Ltd./GoldenTree Loan Opportunities IX, LLC priced $409.5 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 151 basis points; $39.75 million of class B-1 senior secured floating-rate notes (Aa2//) at Libor plus 205 bps; $39 million of 4.4% class B-2 senior secured fixed-rate notes (Aa2//); $30.5 million of class C mezzanine deferrable floating-rate notes (A2//) at Libor plus 300 bps; $43 million of class D mezzanine deferrable floating-rate notes (Baa3//) at Libor plus 350 bps; $36 million of class E mezzanine deferrable floating-rate notes (Ba3//) at Libor plus 475 bps; $13 million of class F mezzanine deferrable floating-rate notes (B3//) at Libor plus 575 bps and $57 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
GoldenTree Asset Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by first-lien senior secured corporate loans, senior secured notes and eligible investments.
Proceeds from the deal will be used to purchase a portfolio of about $650 million of mostly senior secured leveraged loans.
GoldenTree Asset Management sold $614 million of notes in the GoldenTree Loan Opportunities VIII, Ltd./GoldenTree Loan Opportunities VIII, LLC transaction in March.
The New York City-based private investment firm priced three CLO deals in 2013.
| Issuer: | GoldenTree Loan Opportunities IX Ltd./GoldenTree Loan Opportunities IX, LLC
|
| Amount: | $667.75 million
|
| Maturity: | Oct. 29, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | GoldenTree Asset Management LP
|
| Call feature: | 2016
|
| Pricing date: | Oct. 3
|
| Settlement date: | Nov. 6
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $409.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $39.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $39 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.4%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $30.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $43 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $36 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $13 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity tranche
|
| Amount: | $57 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
