Le Lézard
Subjects: Funding, Bond Issue

GoldenTree Announces Closing of ?411 Million CLO Under GLM Strategy

GoldenTree Loan Management II ("GLM II") and its affiliated investment manager GoldenTree Asset Management LP (along with other affiliated investment managers "GoldenTree"), announced the closing of a ?411 million collateralized loan obligation ("CLO") to be managed by GLM II. With the closing of this CLO, GoldenTree Loan Management EUR CLO 6 ("GLM EUR CLO 6"), GoldenTree has issued 22 CLOs totaling over $12.5 billion under its GLM CLO strategy. Since its inception in January 2017, the GLM strategy was intended to be compliant with applicable Risk Retention regulations. While a US Court of Appeals ruling on February 9, 2018 led to the repeal of US risk retention rules for open market CLOs, GLM CLOs are intended to continue to comply with European Union and United Kingdom Risk Retention regulations.

GLM EUR CLO 6 will initially be backed by a 97% ramped ?387 million portfolio of primarily senior secured loans as of closing and will have approximately a four and a half year reinvestment period and approximately a one and a half year non call period. The CLO was arranged by Merrill Lynch International as arranger and Wells Fargo Securities International Limited as placement agent. The arranger globally distributed the investment grade rated notes other than ?BBB/BBB-' rated notes. GLM II invested in the CLO's equity and certain rated notes.

GLM EUR CLO 6 issued ?240 million of AAA rated senior notes with a coupon of E+1.85%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average floating rate coupon of E+2.79%. The CLO also issued ?8 million AA fixed rate notes with a coupon of 6.20%.

Since its inception in 2000, GoldenTree has issued over $22 billion of CLOs/CBOs, with approximately $15 billion currently outstanding. GoldenTree's investment team is comprised of approximately 90 individuals covering around 20 industries and having, on average, 15 years of experience. In addition, GoldenTree has been an active investor in structured credit since 2007 and currently manages over $6 billion of structured products investments across the firm.

About GoldenTree

GoldenTree is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high yield bonds, leveraged loans, private credit, distressed debt, structured products, emerging markets, private equity and credit-themed equities. GoldenTree was founded in 2000 by Steven Tananbaum and is one of the largest independent global credit asset managers. GoldenTree manages over $49 billion for institutional investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. GoldenTree has over 280 employees, with offices in New York, West Palm Beach, Charlotte, London, Dublin, Singapore, Sydney, Tokyo and Dubai. For more information, please visit www.goldentree.com.

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