Chicago, April 14 – GoldenTree Loan Management LP refinanced and extended the collateralized loan obligation with GoldenTree Loan Management US CLO 7 Ltd./GoldenTree Loan Management US CLO 7 Inc. as co-issuers, according to a pre-sale report.
The $531.3 million portfolio is due April 20, 2034, pushed back from 2031.
At the top of the stack in the portfolio are $5 million of class X-R senior secured floating-rate notes at Libor plus 50 basis points, $163.5 million of class A-R senior secured floating-rate notes at Libor plus 107 bps, a $163.75 million class A-1 floating-rate loan at Libor plus 107 bps, $0 million of class A-1B senior secured floating-rate notes at Libor plus 107 bps and $60.25 million of class B-R senior secured floating-rate notes at Libor plus 170 bps.
Lower, there are $25.25 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $30.25 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps and $10.25 million of class F-R senior secured deferrable floating-rate notes at Libor plus 775 bps.
There are also $53.05 million of subordinated notes.
The A-1 loans can be converted to class A-1B notes after closing, either all or a portion.
Previously, the CLO had $297.5 million of class A floating-rate notes (AAA) at Libor plus 190 bps, $77.5 million of class B floating-rate notes (AA), $26.75 million of class C deferrable floating-rate notes (A), $32 million of class D deferrable floating-rate notes (BBB-), $16.5 million of class E deferrable floating-rate notes (BB-) at an overall weighted average coupon of Libor plus 233 bps.
The deal initially included $53.05 million of subordinated notes.
BofA Securities Inc. is the initial purchaser this time.
The transaction has two years of call protection and a five-year reinvestment period.
GoldenTree Loan Management continues to manage the collateral.
The CLO manager is part of New York City-based private investment firm GoldenTree Asset Management, LP.
| Issuers: | GoldenTree Loan Management US CLO 7 Ltd./GoldenTree Loan Management US CLO 7
|
| Issue: | Floating-rate notes, floating-rate loan and subordinated notes
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| Structure: | Cash flow CLO
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| Amount: | $531.3 million
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| Maturity: | April 20, 2034
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| Agent: | BofA Securities Inc.
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| Manager: | GoldenTree Loan Management LP
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| Call: | April 20, 2023
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| Announcement date: | April 14
|
| Settlement date: | April 20
|
|
|
| Class X-R notes
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| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 50 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
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| Amount: | $163.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 loan
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| Amount: | $163.75 million
|
| Securities: | Floating-rate loan
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| Coupon: | Libor plus 107 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
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| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $60.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $25.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
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| Amount: | $10.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $53.05 million
|
| Securities: | Subordinated notes
|
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