By Cristal Cody
Tupelo, Miss., Aug. 5 – GoldenTree Loan Management LP priced $442.55 million of notes due July 20, 2031 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
GoldenTree Loan Management US CLO 8 Ltd./GoldenTree Loan Management US CLO 8 LLC sold $2.7 million of class X floating-rate notes at Libor plus 85 basis points, $279.45 million of class A floating-rate notes at Libor plus 155 bps, $49.05 million of class B-1 floating-rate note at Libor plus 210 bps and $13.5 million of 2.435% class B-2 fixed-rate notes.
The CLO also priced $25,875,000 of class C deferrable floating-rate notes at Libor plus 275 bps; $27 million of class D deferrable floating-rate notes at Libor plus 415 bps; $18 million of class E deferrable floating-rate notes at Libor plus 550 bps; $5,625,000 of class F deferrable floating-rate notes at Libor plus 750 bps and $21.35 million of subordinated notes.
Wells Fargo Securities LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC were the placement agents.
The CLO has a one-year non-call period and a three-year reinvestment period.
The transaction is backed primarily by broadly syndicated senior secured loans.
GoldenTree Asset Management has priced two new CLOs year to date.
The CLO manager, part of New York City-based private investment firm GoldenTree Asset Management, LP, priced three new CLOs in 2019.
| Issuer: | GoldenTree Loan Management US CLO 8 Ltd./GoldenTree Loan Management US CLO 8 LLC
|
| Amount: | $442.55 million
|
| Maturity: | July 20, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agents: | Wells Fargo Securities LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC
|
| Manager: | GoldenTree Loan Management LP
|
| Call feature: | One year
|
| Settlement date: | Aug. 20
|
|
|
| Class X notes
|
| Amount: | $2.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $279.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $49.05 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $49.05 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.435%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $25,875,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $5,625,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Ratings: | S&P: B-
|
|
|
| Equity
|
| Amount: | $21.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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