By Cristal Cody
Tupelo, Miss., Nov. 21- Pramerica Investment Management Ltd. priced an upsized €414.75 million of notes due Jan. 15, 2026 in the firm's second European collateralized loan obligation deal brought in 2013, according to informed market sources.
The offering was upsized from about €300 million, a source said.
In the Dryden 29 Euro CLO 2013 BV transaction, Pramerica priced €150.25 million of class A-1A senior secured floating-rate notes (Aaa/AAA/) at Euribor plus 140 basis points; €75 million of 2.61% class A-1B senior secured fixed-rate notes (Aaa/AAA/); €25.5 million of class B-1A senior secured floating-rate notes (Aa2/AA/) at Euribor plus 200 bps; €25 million of 3.5% class B-1B senior secured fixed-rate notes (Aa2/AA/); €32.75 million of class C mezzanine secured deferrable floating-rate notes (A2/A/) at Euribor plus 300 bps; €23.25 million of class D mezzanine secured deferrable floating-rate notes (Baa2/BBB/) at Euribor plus 380 bps; €22 million of class E mezzanine secured deferrable floating-rate notes (Ba2/BB/) at Euribor plus 525 bps; €17.5 million of class F mezzanine secured deferrable floating-rate notes (B2/B-/) at Euribor plus 625 bps; and €43.5 million of subordinated notes.
BofA Merrill Lynch arranged the deal.
The notes have a non-call period set to end in January 2016 and a reinvestment period scheduled to end in January 2018.
The CLO is backed by a revolving pool of euro-denominated broadly syndicated senior secured corporate loans and bonds.
Pramerica Investment Management, the London-based leveraged finance arm of Newark, N.J.-based Prudential Financial, Inc., will manage the CLO.
The firm closed in May on the €300 million Dryden XXVII Euro CLO 2013 BV deal.
Issuer: | Dryden 29 Euro CLO 2013 BV
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Amount: | €414.75 million
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Maturity: | Jan. 15, 2026
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BofA Merrill Lynch
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Manager: | Pramerica Investment Management Ltd.
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Call feature: | January 2016
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Settlement date: | Dec. 19
|
|
Class A-1A notes
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Amount: | €150.25 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 140 bps
|
Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
|
|
Class A-1B notes
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Amount: | €75 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 2.61%
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Ratings: | Moody's: Aaa
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| Standard & Poor's: AAA
|
|
Class B-1A notes
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Amount: | €25.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 200 bps
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Ratings: | Moody's: Aa2
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| Standard & Poor's: AA
|
|
Class B-1B notes
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Amount: | €25 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.5%
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Ratings: | Moody's: Aa2
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| Standard & Poor's: AA
|
|
Class C notes
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Amount: | €32.75 million
|
Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Euribor plus 300 bps
|
Ratings: | Moody's: A2
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| Standard & Poor's: A
|
|
Class D notes
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Amount: | €23.25 million
|
Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Euribor plus 380 bps
|
Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB
|
|
Class E notes
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Amount: | €22 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Euribor plus 525 bps
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB
|
|
Class F notes
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Amount: | €17.5 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Euribor plus 625 bps
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Ratings: | Moody's: B2
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| Standard & Poor's: B-
|
|
Equity tranche
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Amount: | €43.5 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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