By Cristal Cody
Tupelo, Miss., Jan. 22 - Prudential Investment Management, Inc. refinanced the $304.85 million Dryden XXII Senior Loan Fund/Dryden XXII Senior Loan Fund Corp. collateralized loan obligation with lower coupons, according to the firm and market sources.
The Dryden XXII CLO, which originally closed on Dec. 22, 2011, refinanced all of the tranches except the BB-rated class D notes.
The original offering of $195 million of class A-1 notes priced at Libor plus 153 basis points was refinanced to class A-1-R senior secured floating-rated notes (Aaa/AAA/) with a coupon of Libor plus 117 bps.
The $26.8 million tranche of class A-2-R senior secured floating-rate notes (/AA/), originally priced as class A-2 notes at Libor plus 260 bps, was refinanced to Libor plus 175 bps.
The original offerings of $17.3 million of class B-1 notes and $7 million of class B-2 notes that priced at Libor plus 400 bps were refinanced to $24.3 million of class B-R mezzanine secured deferrable floating-rate notes (/A/) at Libor plus 285 bps.
The CLO also refinanced the $13.6 million tranche of class C notes, priced at Libor plus 500 bps, to class C-R mezzanine secured deferrable floating-rate notes (/BBB/) at Libor plus 400 bps.
The $12 million tranche of class D mezzanine secured deferrable floating-rate notes (/BB/) was not refinanced from the original coupon of Libor plus 520 bps.
The deal also included $33.05 million of subordinated notes.
RBS Securities Inc. arranged the refinancing.
Prudential Investment Management is the CLO manager.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The reinvestment period ends Jan. 15, 2015.
The notes are due Jan. 15, 2022.
Proceeds were used to redeem the original notes.
Prudential Investment Management is the primary asset management business of Newark, N.J.-based Prudential Financial, Inc.
| Issuer: | Dryden XXII Senior Loan Fund/Dryden XXII Senior Loan Fund Corp.
|
| Amount: | $304.85 million
|
| Maturity: | Jan. 15, 2022
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing arranger: | RBS Securities Inc.
|
| Manager: | Prudential Investment Management, Inc.
|
| Refinancing date: | Jan. 15
|
|
|
| Class A-1-R notes
|
| Amount: | $195 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $26.85 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-R notes
|
| Amount: | $24.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C-R notes
|
| Amount: | $13.65 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $12 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Equity tranche
|
| Amount: | $33.05 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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