By Cristal Cody
Tupelo, Miss., March 10 - GoldenTree Asset Management LP priced $614 million of notes due April 15, 2026 in a collateralized loan obligation offering, according to an informed source on Monday.
GoldenTree Loan Opportunities VIII, Ltd./GoldenTree Loan Opportunities VIII, LLC sold $364.8 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 145 basis points.
The CLO also priced $56.8 million of class B-1 senior secured floating-rate notes (Aa2//) at Libor plus 203 bps, $15 million of 4.45% class B-2 senior secured fixed-rate notes (Aa2//), $28.5 million of class C mezzanine deferrable floating-rate notes (A2//) at Libor plus 270 bps, $38.8 million of class D mezzanine deferrable floating-rate notes (Baa3//) at Libor plus 362 bps, $41.7 million of class E mezzanine deferrable floating-rate notes (Ba3//) at Libor plus 451 bps, $6 million of class F mezzanine deferrable floating-rate notes (B3//) at Libor plus 535 bps and $62.4 million of subordinated notes.
J.P. Morgan Securities LLC arranged the deal.
GoldenTree Asset Management is the CLO manager.
The CLO is backed primarily by first-lien senior secured corporate loans, senior secured notes and eligible investments.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a portfolio of about $600 million of primarily senior secured leveraged loans.
In 2013, GoldenTree Asset Management priced the $668.75 million GoldenTree Loan Opportunities VII, Ltd./GoldenTree Loan Opportunities VII, LLC deal, the $195 million GT Loan Financing I, Ltd./GT Loan Financing I, LLC offering and the €300.32 million GoldenTree Credit Opportunities European CLO 2013-1 BV transaction.
GoldenTree Asset Management is a New York City-based private investment firm.
| Issuer: | GoldenTree Loan Opportunities VIII, Ltd./GoldenTree Loan Opportunities VIII, LLC
|
| Amount: | $614 million
|
| Maturity: | April 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | GoldenTree Asset Management LP
|
| Call feature: | 2016
|
| Settlement date: | March 31
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $364.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $56.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 203 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
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| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.45%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $28.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $38.8 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 362 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $41.7 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 451 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
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| Amount: | $6 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 535 bps
|
| Rating: | Moody's: B3
|
|
|
| Equity tranche
|
| Amount: | $62.4 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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