By Cristal Cody
Tupelo, Miss., March 13 - Prudential Investment Management, Inc. sold $621.01 million of notes due April 18, 2026 in the Dryden 31 Senior Loan Fund/Dryden 31 Senior Loan Fund LLC offering that closed on Thursday, according to the company and a market source.
The CLO priced $373.5 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 148 basis points; $72.75 million of class B senior secured floating-rate notes (Aa2) at Libor plus 210 bps; $46.75 million of class C mezzanine secured deferrable floating-rate notes (A2) at Libor plus 300 bps; $32 million of class D mezzanine secured deferrable floating-rate notes (Baa3) at Libor plus 400 bps; $27 million of class E junior secured deferrable floating-rate notes (Ba2) at Libor plus 570 bps and $15.75 million of class F junior secured deferrable floating-rate notes (B2) at Libor plus 665 bps.
The deal included $53.26 million of subordinated notes in the equity tranche.
Deutsche Bank Securities Inc. 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 CLO has a two-year non-call period and a four-year reinvestment period.
The Dryden 31 CLO is the 10th CLO that has been issued globally under the Dryden name since the CLO market reopened after the 2008 financial crisis, the firm said in a news release. Prudential manages more than $10 billion of CLO capital.
On Jan. 15, Prudential Investment Management refinanced the $304.85 million Dryden XXII Senior Loan Fund/Dryden XXII Senior Loan Fund Corp. transaction.
The company brought five CLO deals under the Dryden brand in 2013, including three U.S. transactions and two euro-denominated offerings, according to market sources.
Prudential Investment Management is the primary asset management business of Newark, N.J.-based Prudential Financial, Inc.
| Issuer: | Dryden 31 Senior Loan Fund/ Dryden 31 Senior Loan Fund LLC
|
| Amount: | $621.01 million
|
| Maturity: | April 18, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Prudential Investment Management, Inc.
|
| Call feature: | April 18, 2016
|
| Pricing date: | Jan. 31
|
| Settlement date: | March 13
|
|
|
| Class A
|
| Amount: | $373.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $72.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $46.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $32 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 570 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Class F notes
|
| Amount: | $15.75 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 665 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $53.26 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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