GLM III, LP (“GLM III”) and its affiliated investment manager GoldenTree Asset Management LP (along with other affiliated investment managers “GoldenTree”), announced the closing of a €403 million collateralized loan obligation (“CLO”) to be managed by GLM III. With the closing of this CLO, GoldenTree Loan Management EUR CLO 9 (“GLM EUR CLO 9”), GoldenTree has issued 35 CLOs totaling nearly $19 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 comply with the European Union and/or United Kingdom Risk Retention frameworks.

GLM EUR CLO 9 will initially be backed by a 100% ramped €400 million portfolio of primarily senior secured loans as of closing and will have a four and a half year reinvestment period and 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 rated notes, while GLM III invested in the CLO’s equity.

GLM EUR CLO 9 issued €248 million of AAA rated senior debt with a coupon of E+1.30%, along with lower rated senior, mezzanine and junior notes, for an overall weighted average coupon of E+1.89%.

Since its inception in 2000, GoldenTree has issued over $28 billion of CLOs/CBOs, with over $14 billion currently outstanding. GoldenTree’s investment team is comprised of approximately 100 individuals covering over 30 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 $8 billion of structured credit 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 credit, emerging markets, real estate, 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 $62 billion for institutional investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. GoldenTree has approximately 320 employees, with offices in New York, West Palm Beach, Charlotte, Newport Beach, Dallas, London, Dublin, Munich, Singapore, Sydney, Tokyo and Dubai. For more information, please visit www.goldentree.com.

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