By Cristal Cody
Tupelo, Miss., May 2 – PGIM, Ltd. sold €478.8 million of notes due May 15, 2030 in a new euro-denominated collateralized loan obligation, according to a market source.
Dryden XXVII-R Euro CLO 2017 BV priced €251.2 million of class A-1 senior secured floating-rate notes at Euribor plus 87 basis points; €15.8 million of 1.58% class A-2 senior secured fixed-rate notes; €36.8 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps; €18.5 million of 2.39% class B-2 senior secured fixed-rate notes; €39 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 215 bps; €29.3 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 315 bps; €27.3 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 530 bps; €14 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 685 bps and €39 million of subordinated notes.
J.P. Morgan Securities plc was the placement agent.
PGIM will manage the CLO.
The CLO is collateralized mainly by euro-denominated senior secured loans and senior secured bonds.
PGIM has priced two new euro-denominated CLOs and refinanced one vintage CLO year to date.
In 2016, the CLO manager brought two euro-denominated CLOs and one CLO refinancing transaction to market.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden XXVII-R Euro CLO 2017 BV
|
| Amount: | €478.8 million
|
| Maturity: | May 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | PGIM, Ltd.
|
| Settlement date: | May 24
|
|
|
| Class A-1 notes
|
| Amount: | €251.2 million
|
| Coupon: | Euribor plus 87 bps
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €15.8 million
|
| Coupon: | 1.58%
|
| Securities: | Senior secured fixed-rate notes
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €36.8 million
|
| Coupon: | Euribor plus 150 bps
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €18.5 million
|
| Coupon: | 2.39%
|
| Securities: | Senior secured fixed-rate notes
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €39 million
|
| Coupon: | Euribor plus 215 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €29.3 million
|
| Coupon: | Euribor plus 315 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody’s: Baa2
|
|
|
| Class E notes
|
| Amount: | €27.3 million
|
| Coupon: | Euribor plus 530 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F notes
|
| Amount: | €14 million
|
| Coupon: | Euribor plus 685 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | €46.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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