By Cristal Cody
Tupelo, Miss., March 15 – Prudential Investment Management, Inc. sold $939.95 million of notes in a second refinancing of a vintage 2014 collateralized loan obligation deal that closed on Friday, according to a market source and a notice of revised proposed supplemental indenture.
Dryden 33 Senior Loan Fund/Dryden 33 Senior Loan Fund LLC priced $630 million of class A-R2 floating-rate notes at Libor plus 123 basis points; $113 million of class B-R2 floating-rate notes at Libor plus 175 bps; $80 million of class C-R2 deferrable floating-rate notes at Libor plus 245 bps; $51 million class D-R2 deferrable floating-rate notes at Libor plus 385 bps; $42.65 million of class E-R2 deferrable floating-rate notes at Libor plus 697 bps and $3.95 million of class F-R2 deferrable floating-rate notes at Libor plus 850 bps.
Goldman Sachs & Co. was the refinancing agent.
The maturity on the CLO notes was extended to April 15, 2029 from Oct. 15, 2028.
The reset CLO has a one-year non-call period and a two-year reinvestment period.
The CLO was first refinanced on Nov. 22, 2016 in a $937.35 million deal. In that offering, the CLO priced $630 million of class A-R floating-rate notes at Libor plus 143 bps; $113 million of class B-R floating-rate notes at Libor plus 185 bps; $80 million of class C-R floating-rate notes at Libor plus 250 bps; $51 million class D-R floating-rate notes at Libor plus 435 bps and $44 million of class E-R floating-rate notes at Libor plus 754 bps.
The original transaction was issued May 7, 2014.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the refinancing were used to redeem the outstanding notes.
Prudential is the primary asset management business of Newark, N.J.-based Prudential Financial, Inc.
| Issuer: | Dryden 33 Senior Loan Fund/Dryden 33 Senior Loan Fund LLC
|
| Amount: | $939.95 million refinancing
|
| Maturity: | April 15, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co.
|
| Manager: | PGIM, Inc.
|
| Call feature: | April 15, 2020
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 15
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R2 notes
|
| Amount: | $630 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R2 notes
|
| Amount: | $113 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $80 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R2 notes
|
| Amount: | $51 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R2 notes
|
| Amount: | $42.65 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 697 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R2 notes
|
| Amount: | $3.95 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Rating: | S&P: B-
|
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