Dryden 29 Euro CLO 2013 gets waivers applied to Jan. 17 redemption

By Tali Rackner

Norfolk, Va., Jan. 17 – Dryden 29 Euro CLO 2013 BV’s subordinated noteholders approved the terms of the refinancing of its class A-1A, A-1B, B-1A, B-2B and C notes, and the trustee granted waivers to the redemption provisions, according to a notice.

Among other waivers, condition 7.2(e)(ii)(K) was waived so that each class of notes to be issued in respect of the refinancing will have additional voting, non-voting and non-voting exchangeable tranches, as compared to the corresponding class of rated notes being redeemed.

In addition, the condition was waived to the extent required in order to remove the rights of the subordinated noteholders to direct that the issuer redeem the rated notes at their applicable redemption prices solely from refinancing proceeds.

The following were redeemed on Tuesday:

• €150.25 million of class A-1A senior secured floating-rate notes due 2026;

• €75 million of class A-1B senior secured fixed-rate notes due 2026;

• €25.5 million of class B-1A senior secured floating-rate notes due 2026;

• €25 million of class B-1B senior secured fixed-rate notes due 2026; and

• €32.75 million of class C mezzanine secured floating-rate notes due 2026.

U.S. Bank Trustees Ltd. is the trustee.

Dryden is based in Amsterdam.

© 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.