Chicago, Aug. 17 – GLM II, LP sold $396.6 million in a collateralized loan obligation being issued by GoldenTree Loan Management US CLO 15, Ltd./GoldenTree Loan Management US CLO 15, LLC, according to presale reports.
The notes will mature on October 2036.
The CLO consists of $2 million of class X-R senior secured floating-rate notes at SOFR plus 120 basis points, $246 million of class A-R senior secured floating-rate notes at SOFR plus 165 bps, $14 million of class A-J senior secured floating-rate notes at SOFR plus 200 bps, $44 million of class B-R senior secured floating-rate notes at SOFR plus 230 bps, $22 million of class C-R mezzanine deferrable floating-rate notes at SOFR plus 270 bps, $24 million of class D-R mezzanine deferrable floating-rate notes at SOFR plus 450 bps, $16 million of class E-R junior deferrable floating-rate notes at SOFR plus 700 bps, $5 million of class F-R junior deferrable floating-rate notes at SOFR plus 750 bps and $23.6 million of subordinated notes.
The original CLO, closed in August 2022, consisted of $2 million of class X senior secured floating-rate notes at SOFR plus 175 basis points, $256 million of class A senior secured floating-rate notes at SOFR plus 213 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $24 million of class C mezzanine deferrable floating-rate notes at SOFR plus 395 bps, $23 million of class D mezzanine deferrable floating-rate notes at SOFR plus 496 bps, $16.4 million of class E junior deferrable floating-rate notes at SOFR plus 639 bps, $800,000 of class F junior deferrable floating-rate notes at SOFR plus 969 bps and $23.6 million of subordinated notes.
GLM will manage the collateral through the end of the reinvestment period in October 2028.
Collateral for the notes consists of non-investment-grade broadly syndicated loans and other assets.
The notes can be called starting October 2025.
Morgan Stanley & Co. LLC was the placement agent.
GoldenTree is a global asset management firm based in New York.
| Issuer: | GoldenTree Loan Management US CLO 15, Ltd./GoldenTree Loan Management US CLO 15, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $396.6 million
|
| Maturity: | October 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | GLM II, LP
|
| Call feature: | October 2025
|
| Pricing date: | Aug. 7
|
| Settlement date: | September 2023
|
|
|
| Class X-R notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 120 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-J notes
|
| Amount: | $14 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | $22 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16 million
|
| Securities: | Junior deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | $5 million
|
| Securities: | Junior deferrable floating-rate notes
|
| Coupon: | SOFR plus 750 bps
|
| Rating: | Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | $23.6 million
|
| Securities: | Subordinated notes
|
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