By Cristal Cody
Tupelo, Miss., March 19 - Dryden XXVI Senior Loan Fund/ Dryden XXVI Senior Loan Fund LLC sold $425 million of securities in eight tranches in a collateralized loan obligation offering that closed on Tuesday, a market source said.
The fund priced $3 million of class X senior secured floating-rate notes due July 15, 2016 (Aaa/AAA/) at Libor plus 100 basis points; $262 million of class A senior secured floating-rate notes due July 15, 2025 (Aaa/AAA/) at Libor plus 110 bps; $38 million of class B senior secured floating-rate notes due July 15, 2025 (Aa2/AA/) at Libor plus 175 bps; $35 million of class C mezzanine secured deferrable floating-rate notes due July 15, 2025 (/A/) at Libor plus 250 bps; $20 million of class D mezzanine secured deferrable floating-rate notes due July 15, 2025 (/BBB/) at Libor plus 345 bps; and $17 million of class E junior secured deferrable floating-rate notes due July 15, 2025 (/BB/) at Libor plus 450 bps.
Dryden XXVI Senior Loan Fund also sold $7 million of class F junior secured deferrable floating-rate notes due July 15, 2025 (/B/); $5 million of class P securities due Jan. 15, 2025 (Aaa/AA+pNRi/), which included zero coupon Treasuries and $1.28 million of subordinated notes; and $38 million of non-rated subordinated notes due July 15, 2025.
Morgan Stanley & Co. LLC was the underwriter.
Prudential Investment Management Inc. will manage the CLO.
The notes have a two-year non-callable period.
The offering is backed by a revolving pool of U.S. dollar-denominated senior secured loans to broadly syndicated corporate borrowers.
Dryden XXVI Senior Loan Fund is a managed cash flow CLO.
| Issuer: | Dryden XXVI Senior Loan Fund/ Dryden XXVI Senior Loan Fund LLC
|
| Amount: | $425 million
|
| Securities: | Notes, Treasuries
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Prudential Investment Management Inc.
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| Call feature: | April 15, 2015
|
| Settlement date: | March 19
|
|
|
| Amount: | $3 million
|
| Maturity: | July 15, 2016
|
| Securities: | Class X senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Amount: | $262 million
|
| Maturity: | July 15, 2025
|
| Securities: | Class A senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Amount: | $38 million
|
| Maturity: | July 15, 2025
|
| Securities: | Class B senior secured floating-rate notes
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| Coupon: | Libor plus 175 bps
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| Ratings: | Moody's: Aa2
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| Standard & Poor's: AA
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|
|
| Amount: | $35 million
|
| Maturity: | July 15, 2025
|
| Securities: | Class C mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 250 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Amount: | $20 million
|
| Maturity: | July 15, 2025
|
| Securities: | Class D mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Amount: | $17 million
|
| Maturity: | July 15, 2025
|
| Securities: | Class E junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Amount: | $7 million
|
| Maturity: | July 15, 2025
|
| Securities: | Class F junior secured deferrable floating-rate notes
|
| Rating: | Standard & Poor's: B
|
|
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| Amount: | $5 million
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| Maturity: | Jan. 15, 2025
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| Securities: | Class P securities (subordinated notes and zero coupon Treasuries)
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| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+pNRi
|
|
|
| Amount: | $38 million
|
| Maturity: | July 15, 2025
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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