By Cristal Cody
Tupelo, Miss., Oct. 31 – GoldenTree Asset Management LP priced $615.8 million of notes due Oct. 29, 2029 in a second refinancing of a vintage 2014 collateralized loan obligation, according to a market source and a notice of executed second supplemental indenture on Tuesday.
GoldenTree Loan Opportunities IX Ltd./GoldenTree Loan Opportunities IX, LLC priced $8.3 million of class X-R-2 senior secured floating-rate notes at Libor plus 60 basis points; $402.25 million of class A-R-2 senior secured floating-rate notes at Libor plus 111 bps; $27.25 million of A-J-R-2 senior secured floating-rate notes at Libor plus 130 bps and $61 million of class B-R-2 senior secured floating-rate notes at Libor plus 160 bps.
The CLO also sold $41.5 million of class C-R-2 mezzanine deferrable floating-rate notes at Libor plus 210 bps; $39.25 million of class D-R-2 mezzanine deferrable floating-rate notes at Libor plus 300 bps; $25.75 million of class E-R-2 junior deferrable floating-rate notes at Libor plus 566 bps and $10.5 million of class F-R-2 junior deferrable floating-rate notes at Libor plus 764 bps.
Citigroup Global Markets Inc. arranged the deal.
GoldenTree Asset Management will continue to manage the CLO.
The refinanced CLO has a two-year non-call period and a three-year reinvestment period.
GoldenTree originally sold $667.75 million of the CLO notes on Oct. 3, 2014. The CLO originally priced $409.5 million of class A notes at Libor plus 151 bps; $39.8 million of class B-1 floating-rate notes at Libor plus 205 bps; $39 million of 4.4% class B-2 senior secured fixed-rate notes; $30.5 million of class C floating-rate notes at Libor plus 300 bps; $43 million of class D floating-rate notes at Libor plus 350 bps; $36 million of class E floating-rate notes at Libor plus 475 bps; $13 million of class F floating-rate notes at Libor plus 575 bps and $57 million of subordinated notes.
In the Oct. 31, 2016 first refinancing, the CLO sold $409.5 million of class A-R senior secured floating-rate notes at Libor plus 137 bps, $39.8 million of class B-1R senior secured floating-rate notes at Libor plus 190 bps; $39 million of 3.27% class B-2R senior secured fixed-rate notes and $30.5 million of class C deferrable floating-rate notes at Libor plus 250 bps.
The deal’s original class D, E and F notes were not refinanced in the first refinancing.
Proceeds were used to redeem the existing notes.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
GoldenTree Asset Management has priced one new CLO and refinanced two vintage CLOs year to date.
The New York City-based private investment firm priced two new CLOs and refinanced one vintage CLO in 2017.
| Issuer: | GoldenTree Loan Opportunities IX Ltd./GoldenTree Loan Opportunities IX, LLC
|
| Amount: | $615.8 million refinancing
|
| Maturity: | Oct. 29, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | GoldenTree Asset Management LP
|
| Call feature: | Two years
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 29
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X-R-2 notes
|
| Amount: | $8.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R-2 notes
|
| Amount: | $402.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-J-R-2 notes
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| Amount: | $27.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-R-2 notes
|
| Amount: | $61 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R-2 notes
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| Amount: | $41.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R-2 notes
|
| Amount: | $39.25 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R-2 notes
|
| Amount: | $25.75 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 566 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R-2 notes
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| Amount: | $10.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 764 bps
|
| Rating: | S&P: B-
|
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