Chicago, April 13 – GoldenTree Loan Management LP refinanced for $707.01 million from a collateralized loan obligation deal with GoldenTree Loan Management US CLO 1 Ltd./GoldenTree Loan Management US CLO 1 Inc. listed as issuers, according to a pre-sale report.
The portfolio is now due April 20, 2034, extended four years.
The CLO includes $5 million of class X-R-2 senior secured floating-rate notes at Libor plus 50 basis points, $376.213 million of class A-1 senior secured floating-rate notes at Libor plus 102 bps, $0 million of class A-1B senior secured floating-rate notes at Libor plus 102 bps, $72.042 million of class A-1-R-2 senior secured floating-rate notes at Libor plus 102 bps, $35 million of class B-1 senior secured floating-rate notes at Libor plus 150 bps, $0 million of class B-1B senior secured floating-rate notes at Libor plus 150 bps and $47.755 million of class B-1-R-2 senior secured floating-rate notes at Libor plus 150 bps.
Lower, there are $34.5 million of class C-R-2 senior secured deferrable floating-rate notes at Libor plus 180 bps, $41.375 million of class D-R-2 senior secured deferrable floating-rate notes at Libor plus 315 bps, $27.57 million of class E-R-2 senior secured deferrable floating-rate notes at Libor plus 650 bps, $8.55 million of class F-R-2 senior secured deferrable floating-rate notes at Libor plus 750 bps.
There are $59 million of subordinated notes.
The class A-1 notes and the class B-1 notes can be converted on any business day into the corresponding loans.
The original transaction closed in 2017 and was refinanced in February 2020.
In the 2020 refinancing, the CLO priced $428.75 million of class A-R senior secured floating-rate notes at Libor plus 95 bps, $66 million of class B-1-R senior secured floating-rate notes at Libor plus 145 bps, $18 million of 2.7% class B-2 senior secured fixed-rate notes, $57.75 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 185 bps and $45.5 million of class D-R mezzanine deferrable floating-rate notes at Libor plus 265 bps.
In 2017, the CLO priced $6.4 million of class X senior secured floating-rate notes at Libor plus 80 bps and $428.75 million of class A senior secured floating-rate notes at Libor plus 122 bps.
The CLO also originally sold $66 million of class B-1 senior secured floating-rate notes at Libor plus 155 bps and $18 million of 3.79% class B-2 senior secured fixed-rate notes.
GoldenTree also initially priced $57.75 million of class C mezzanine deferrable floating-rate notes at Libor plus 220 bps; $45.5 million of class D mezzanine deferrable floating-rate notes at Libor plus 335 bps; $26.25 million of class E junior deferrable floating-rate notes at Libor plus 455 bps; $15.75 million of class F junior deferrable floating-rate notes at Libor plus 560 bps and 46.25 million of subordinated notes.
Wells Fargo Securities LLC was the arranger on the second refinancing portfolio.
The non-call period ends April 7, 2023.
The reinvestment period, which GoldenTree Loan Management is managing collateral through, ends April 20, 2026.
The private investment firm is based in New York City.
| Issuers: | GoldenTree Loan Management US CLO 1 Ltd./GoldenTree Loan Management US CLO 1 Inc.
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $707.01 million
|
| Maturity: | April 20, 2034
|
| Agent: | Wells Fargo Securities LLC
|
| Manager: | GoldenTree Loan Management LP
|
| Call: | April 7, 2023
|
| Pricing date: | March 30
|
| Settlement date: | April 7
|
|
|
| Class X-R-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 50 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $376.213 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R-2 notes
|
| Amount: | $72.042 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1B notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1-R-2 notes
|
| Amount: | $47.755 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R-2 notes
|
| Amount: | $34.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R-2 notes
|
| Amount: | $41.375 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R-2 notes
|
| Amount: | $27.57 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R-2 notes
|
| Amount: | $8.55 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | S&P: B
|
|
|
| Subordinated notes
|
| Amount: | $59 million
|
| Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
