Latest news with #GoldenTree
Business Insider
6 days ago
- Politics
- Business Insider
Ghana steps into Middle East politics with Pro-Palestine aid
In a bold diplomatic gesture, Ghana has waded into the complex politics of the Middle East by dispatching 40 metric tonnes of cocoa-based relief aid to the people of Palestine. Ghana dispatched 40 metric tonnes of cocoa-based relief supplies to Palestine as a diplomatic gesture. President Mahama emphasized the gesture as a symbol of solidarity and practical support for affected Palestinian families. The donation was accepted by the Palestinian Ambassador and aims to alleviate hunger and food insecurity in Gaza. The donation, spearheaded by President John Dramani Mahama, marks a rare and symbolic show of African solidarity in a conflict where most nations on the continent have historically maintained a cautious or neutral stance. The donations which include chocolate and other locally produced items were provided under the renowned Golden Tree brand and the country's rich cocoa industry President Mahama described the gesture as both a symbol of solidarity and a means of practical support for Palestinian families affected by the ongoing conflict. 'This donation emphasizes Ghana's commitment to global peace and compassion, ' Mahama said, adding that Cocoa, being one of Ghana's most valuable natural resources, represents resilience, generosity, and economic livelihood for millions of Ghanaian farmers. The president added that Ghana's position on the conflict remains rooted in international law, reiterating support for a negotiated two-state solution. ' Ghana supports a peaceful, negotiated two-state solution between Israel and Palestine, in line with international law and United Nations resolutions,' he said. The donation follows Ghana's recall of its ambassador to Israel in response to the worsening humanitarian situation in Gaza. Although Ghana maintains diplomatic ties with both sides and recognizes the Palestinian state, President Mahama appealed to Israeli authorities to open humanitarian corridors into Gaza, allowing critical aid to reach civilians. "The time has come for diplomacy and dialogue—not destruction," Mahama added. Cocoa relief targets displaced in Gaza The Palestinian Ambassador to Ghana, Abdalfatah Ahmed Khalil Alsattari, accepted the donation on behalf of the Palestinian people, extending gratitude to the government and citizens of Ghana. The cocoa-based relief items aim to address hunger and food insecurity among displaced families in Gaza. Hunger in Gaza has reached critical levels, with ongoing conflict and blockades severely limiting access to food, water, and essential supplies. Thousands of families have been displaced, and many now rely entirely on humanitarian aid to survive. Malnutrition rates are rising, particularly among children, as food systems collapse under sustained bombardment and restricted movement. Analysts suggest that this move may signal a growing willingness among African nations to take more defined stances on international conflicts, particularly those raising humanitarian and moral concerns. Mahama thanked all contributors to the initiative, assuring the Palestinian people that " Ghana stands with them in their quest for peace and justice.'
Business Wire
07-07-2025
- Business
- Business Wire
GoldenTree Asset Management Launches Interval Fund to Provide Individual Investors Access to Opportunistic Credit
NEW YORK--(BUSINESS WIRE)--GoldenTree Asset Management announced the upcoming launch of GoldenTree Opportunistic Credit Fund ('GTOC') (I-share: GTPIX) (the 'Fund'). The Fund is structured as a registered, unlisted closed-end interval fund, expanding GoldenTree's suite of products and providing alternative credit solutions for individual investors. The Fund invests opportunistically across public and private credit markets and aims to generate attractive risk-adjusted returns while seeking income in addition to capital appreciation. GoldenTree is a leading global investment management firm with nearly $60 billion of assets under management, supported by a team of approximately 100 investment professionals with average experience of 16 years. The interval fund structure provides flexibility for GoldenTree's broad and experienced team to rotate across public and private credit markets, sourcing opportunities primarily in corporate credit, structured credit, and distressed investments. 'GoldenTree has delivered differentiated returns in opportunistic, multi-asset credit strategies for more than 25 years. Having a flexible approach and broad toolkit enables us to capitalize on market dislocations and dynamically rebalance the portfolio aiming to capture the most attractive returns,' said Steve Tananbaum, GoldenTree's Founder, Managing Partner and Chief Investment Officer. Lee Kruter, a Partner and Head of Performing Credit at GoldenTree, added 'today's market is a great example of why having flexibility is critical. In public markets, we are finding attractive opportunities in the tradeable debt of stressed issuers, which we believe is being materially mispriced by the market. And we are also creating bespoke, private solutions in corporate and structured credit markets that offer potentially significant return premiums.' 'GoldenTree was early in applying the interval fund structure to capture opportunistic credit strategies – actively participating in the market since 2017. We are delighted to be launching GTOC to provide individual investors access to an institutional investment strategy capturing a broad range of opportunities across credit markets,' said Kathy Sutherland, a Partner and GoldenTree's Chief Executive Officer. 'We believe this Fund is differentiated in the market given its dynamic nature and total return focus, distinguishing it from many alternative credit funds which are income focused and constrained to a narrow subset of private credit.' The Fund is offered as a 1940 Act registered closed-end interval fund with low investment minimums, capital invested immediately, 1099 tax reporting, intended monthly income distributions, quarterly repurchases of 5% of the Fund's NAV, and daily NAV investing via a ticker. The Fund's interval structure offers an optimal solution for wealth advisors and their clients by streamlining the subscription process, minimizing administrative complexities, and simplifying tax reporting. The Fund completed its registration process and was declared effective in June. For more information and a copy of the prospectus, please visit 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 nearly $60 billion for institutional and individual investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds, family offices, and high net worth individuals. GoldenTree has over 310 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 The GoldenTree Opportunistic Credit Fund is distributed by Foreside Fund Services, LLC. which is not an Adviser affiliate. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the Fund, please visit our website at Read the prospectus carefully before investing. Disclosures Investing in the Fund may be considered speculative and involves a high degree of risk, including the risk of a substantial loss of investment. Shares will not be publicly traded and are not currently listed on any securities exchange. You should not expect to be able to sell your Shares regardless of how the Fund performs. Because you will be unable to sell Shares through a securities exchange, you will be unable to reduce your exposure on any market downturn. An investment in the Fund is not suitable for investors that require short-term liquidity. There is no assurance that monthly distributions paid by the Fund will be maintained at the targeted level or that dividends will be paid at all. The amount of distributions that the Fund may pay, if any, is uncertain. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. No guarantee or representation is made that the Fund's investment program will be successful or will achieve its objective. The Fund's investment program involves, without limitation, risks associated with limited diversification and concentration, leverage, investments in speculative assets and the use of speculative investment strategies and techniques, interest rates, volatility, tracking risks in hedged positions, credit deterioration or default risks, systems risks and other risks inherent in the Fund's activities. Certain investment techniques of the Fund such as the use of leverage can magnify the impact of adverse market moves to the Fund. In addition, the Fund's investments may be materially affected by conditions in real estate markets, the financial markets and overall economic conditions. Certain information contained in this communication constitutes 'forward looking statements' within the meaning of the federal securities laws. These forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes,' 'expects,' 'potential,' 'may,' 'aims,' 'seeks,' 'approximately,' 'anticipates,' or the negative versions of these words or other comparable words thereof. The Board of Trustees in its sole discretion, will determine to repurchase shares subject to certain terms and conditions. Investors will not normally have rights to redeem their shares in the amount or at the time desired.
Yahoo
26-06-2025
- Business
- Yahoo
Alvotech's Lenders Lower Interest on Senior Secured Term Loan Facility
REYKJAVIK, Iceland, June 26, 2025 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO, the 'Company'), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced that its lenders under the Company's existing senior secured term loan facility, including GoldenTree Asset Management (collectively, the 'Lenders'), have agreed to reduce the rate of interest on its existing senior secured term loan facility (the 'Facility'). The agreement will lower Alvotech's interest payments in the first 12 months by an estimated US$8.2 million. This is an outcome of Alvotech's sustained operational improvements and strengthened financial performance over the past year. 'Since last year, we have shown significant revenue growth, operating profits and positive adjusted EBITDA, and we expect to be able to fund future growth based on milestone and product revenue. Being able to reduce our cost of capital demonstrates great confidence, by a group of experienced healthcare investors, in Alvotech's leadership, our pipeline progress and prospects for near-term product launches.' said Joel Morales, Chief Financial Officer of Alvotech. The Facility was funded in July 2024 and matures in July 2029. It originally consisted of two tranches: a $900 million first-out term loan tranche (the 'first tranche'), with an interest rate of SOFR plus 6.5% per annum, and a $65 million second-out term loan tranche (the 'second tranche'), with an interest rate of SOFR plus 10.5% per annum. In conjunction with this transaction, certain of the Lenders have agreed to increase the first tranche to include the second tranche, creating one single tranche going forward, further simplifying Alvotech's capital structure. The interest rate for this Facility will be SOFR plus 6.0% per annum, and all interest will be payable in cash. Following this transaction, the balance of the Facility is approximately $1,081 million and the Company's cash balance was approximately $152 million, as of June 25, 2025. About AlvotechAlvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech has launched two biosimilars. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech's commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit None of the information on the Alvotech website shall be deemed part of this press release. About GoldenTreeGoldenTree 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, real estate, private equity and credit-themed equities. GoldenTree was founded in 2000 by Steven A. Tananbaum and is one of the largest independent global credit asset managers. GoldenTree manages $58 billion for institutional investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. GoldenTree has over 310 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 Forward Looking StatementsCertain statements in this communication may be considered 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech's expectations regarding its ability to comply with the covenants of the Facility and to exercise its rights under the Facility, estimated cost savings resulting of the agreement, potential future financings or strategic transactions, Alvotech's competitive advantages, business prospects and opportunities including product launches, pipeline product development, revenue and diversification, future plans and intentions, results, level of activities, financial and operations performance, goals or achievements or other future events, and market launches. In some cases, you can identify forward-looking statements by terminology such as 'may', 'should', 'expect', 'intend', 'will', 'estimate', 'anticipate', 'believe', 'predict', 'potential', 'aim' or 'continue', or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech's control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability to raise substantial additional funding, which may not be available on acceptable terms or at all; (2) the ability to maintain stock exchange listing standards; (3) changes in applicable laws or regulations; (4) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (5) Alvotech's estimates of revenue, expenses and profitability; (6) Alvotech's ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (7) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (8) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (9) the ability of Alvotech's partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (10) Alvotech's ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (11) the success of Alvotech's current and future collaborations, joint ventures, partnerships or licensing arrangements; (12) Alvotech's ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (13) Alvotech's ability to manufacture sufficient commercial supply of its approved products; (14) the outcome of ongoing and future litigation regarding Alvotech's products and product candidates; (15) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company's business, financial position, strategy and anticipated milestones; (16) Alvotech's ability to comply with the covenants of the Facility and (17) other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication. ALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONSBenedikt Stefansson, FOR MORE INFORMATIONPlease visit our investor portal, and our website or follow us on social media on LinkedIn, Facebook, Instagram, and in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Times
13-06-2025
- Business
- Irish Times
Digicel ‘poised to refinance €2bn early' as it wins highest credit rating in years
Digicel, the Caribbean-based telecoms company founded by Denis O'Brien , is on track to refinance $2.3 billion (€2 billion) of borrowings by May 2026, a year ahead of schedule, according to Fitch Ratings, as it awarded the business the highest credit rating in six years following a series of debt restructurings. Fitch moved this week to give Digicel's main financing entity a credit rating of B. While this is five levels deep into what is known as junk status, it is the most favourable assessment of the group's creditworthiness since 2019. Meanwhile, S&P Global, another leading ratings firm, has assigned a similar rating in recent weeks to Digicel, forecasting that its earnings grew for a second straight financial year to the end of March. Mr O'Brien saw his stake in the business reduced to 10 per cent early last year as a consortium of bondholders led by PGIM, Contrarian Capital Management, and GoldenTree Asset Management took control of Digicel in January 2024 as they swapped $1.7 billion of its borrowings for a 90 per cent holding. It marked the group's third debt restructuring in five years. READ MORE 'Fitch expects the company to fully refinance its main debts (term loan and secured notes) due in 2027 by May 2026,' the ratings firm said in a statement. 'The ratings reflect Digicel's improved capital structure post-restructuring and expected successful refinancing of its 2027 secured debt, which reduces leverage and enhances debt maturity and liquidity profiles.' [ Digicel plans redundancies across seven markets in efficiency drive Opens in new window ] Digicel enjoys operating profit margins of about 40 per cent across its 25 markets, which are mainly duopolies. 'However, weak operating environments in markets like Haiti and currency depreciation risks offset these strengths,' Fitch said. S&P said it expects Digicel to refinance the 2027 debt 'in a timely manner'. The company also has $455 million of unsecured notes that fall due in 2028. The prospect of Digicel carrying out its first big refinancing since the 2024 debt restructuring has been boosted by the US department of justice confirming to the group in April that it has ended an investigation that was looking into whether the business had breached foreign bribery laws. Will rent reform make building apartments viable? Listen | 40:12 Digicel said in November that it had made a voluntary disclosure to the department of information 'relating to possible violations of the US Foreign Corrupt Practices Act' (FCPA). The Digicel disclosure to US authorities is said to relate to activities in Haiti, which has again descended into chaos in recent years as criminal gangs have grown in power. Armed gangs currently control of almost all of the country's capital, Port-au-Prince. The decision by US authorities to close the case had been due to a combination of information gleaned during the investigation as well as a move by US president Donald Trump in early February to pause FCPA enforcement actions. The US attorney general issued new enforcement guidelines this week, with an overriding theme that any decisions to pursue investigations must be focused on helping US interests abroad. S&P estimates that Digicel posted earnings before interest, tax, deprecation and amortisation (Ebitda) of $800 million for the year to the end of March. This would represent a 4.4 per cent increase on the result for the previous year. It also sees the group resuming modest dividends – of $16 million – for the first time in a decade. 'We assess Digicel's business risk profile as weak, reflecting its solid position in markets that have high barriers to entry, but are exposed to substantial macroeconomic volatility,' said S&P.
Business Wire
02-06-2025
- Business
- Business Wire
Walton Global Announces Expansion of Finished Lot Program with GoldenTree Asset Management
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Walton Global ('Walton'), a leader in real estate investment and land asset management, has executed a substantial commitment with GoldenTree Asset Management ('GoldenTree'), a global asset management firm with a track record in alternative credit strategies. The partnership will spur co-investment in lot banking transactions in high-growth corridors across key U.S. markets and support the expansion of Walton's Finished Lot Program, a central component of the broader Builder Land Financing strategy. When builders lack stable and secure access to land capital, housing delivery timelines can be disrupted. GoldenTree's commitment aims to address housing supply constraints in the U.S. by supporting disciplined land inventory strategies for homebuilders. Together, Walton and GoldenTree will deploy capital into transactions in markets with strong demographic and employment growth facilitating the development of new housing in the regions where demand is most pronounced. Walton's performance in this space has been marked by success, with the completion of six full-cycle communities, the recent closure of its 28 th acquisition under the program, and a robust pipeline of opportunities in place for future investment. Through this commitment, Walton's funds will also have opportunities to co-invest, further enhancing the scale of the Finished Lot Program. 'Working with GoldenTree advances our objective of supporting our homebuilder clients in delivering high quality, much-needed housing to the market,' said Jordan McKenzie, Executive Vice President of Finance & Portfolio Management at Walton Global. 'We are focused on providing funding for near-term residential finished lot opportunities in U.S. markets that align with our identified drivers for growth.' International law firm Squire Patton Boggs served as legal counsel to Walton. Cedar Porch Capital served as advisor to Walton. About Walton Global Walton Global is a privately-owned, leading land asset management and global real estate investment company with more than 80,000 acres of land under ownership, management and administration in the United States and Canada, totaling $4.53 billion. With more than 46 years of experience, Walton has a proven track record of land investment projects within the path of growth in the fastest-growing metropolitan areas. A total of $2.7 billion has been distributed to investors located in 92 countries. The company works closely with top U.S. home builders, developers and industry partners. Business lines include exit-focused pre-development land investments, builder land financing, development projects, DST offerings, and various fund structures. For more information, visit 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 $58 billion for institutional investors, including leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. GoldenTree has over 310 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
