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Goldentree Asset Said to Seek $325 Million CLO Fund in Europe

Goldentree Asset Management LP, the U.S. hedge fund founded by Steven Tananbaum, plans to raise a collateralized loan obligation in Europe of about 252.5 million euros ($325 million), according to three people with knowledge of the matter.

Morgan Stanley is arranging the deal, which includes about 113 million euros of AAA rated notes, and portions for fixed-rate bonds in euros and pounds, said the people, who asked not to be identified because the deal is private.

More than 1.3 billion euros of European CLOs have been sold this year by Cairn Capital Ltd., Pramerica Investment Management Ltd., Apollo Global Management LLC, and Blackstone Group LP’s GSO Capital Partners LP, according to data compiled by Bloomberg. Goldentree last raised a 450 million-euro European CLO in June 2007 through the Laurelin BV series, according to Fitch Ratings.

Only the 68.5 million-euro top-rated notes of the Goldentree CLO are on sale while the remainder of the deal, which has a 12-year final maturity, has already been purchased by investors, said the people.

Robert Zimardo, chief administrative officer at New York-based Goldentree, didn’t return an e-mail and a telephone call seeking comment. Michael Wang, a spokesman in London for Morgan Stanley, declined to comment.

CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.

Details of the CLO are as follows:

Class                  Size (eur)          Expected rating
A EUR Floating Notes   68.5 million          AAA
A EUR Fixed Notes      19 million            AAA
A GBP Fixed Notes      21.3 million (GBP)    AAA
B Notes                32.5 million           AA
C Notes                17.5 million            A
D Notes                17.5 million          BBB
E Notes                23.5 million           BB
Equity                 49  million           N/A

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