By Cristal Cody
Tupelo, Miss., April 30 - Prudential Investment Management, Inc. sold $811.75 million of notes in the Dryden 33 Senior Loan Fund/Dryden 33 Senior Loan Fund LLC offering, according to an informed source.
The CLO priced $504 million of class A floating-rate notes (/expected AAA/) at Libor plus 148 basis points, $90.4 million of class B floating-rate notes (/expected AA/) at Libor plus 200 bps, $64 million of class C floating-rate notes (/expected A/) at Libor plus 285 bps, $40.8 million of class D floating-rate notes (/expected BBB/) at Libor plus 365 bps, $35.2 million of class E floating-rate notes (/expected BB/) at Libor plus 450 bps and $77.35 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
Prudential Fixed Income will manage the CLO, which is backed by a revolving pool of broadly syndicated senior secured loans.
The company was in the market in 2013 with five CLO deals under the Dryden brand, including three U.S. transactions and two euro-denominated offerings.
Prudential Investment Management 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: | $811.75 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Prudential Fixed Income
|
| Pricing date: | April 9
|
|
|
| Class A notes
|
| Amount: | $504 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Expected rating: | Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $90.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Expected rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $64 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Expected rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $40.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Expected rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $35.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Expected rating: | Standard & Poor's: BB
|
|
|
| Equity tranche
|
| Amount: | $77.35 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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