By Cristal Cody
Tupelo, Miss., April 8 - Dryden XXVII Euro CLO 2013 BV raised €300 million in a seven-tranche offering of notes due June 25, 2025, according to market sources.
Dryden XXVII Euro CLO, an arbitrage cash flow collateralized loan obligation, sold €90 million of 2.4% class A-1A senior secured fixed-rate notes (/AAA/AAA); €79.5 million of class A-1B senior secured floating-rate notes (/AAA/AAA) at six-month Euribor plus 140 bps; €31 million of class B senior secured floating-rate notes (/AA/) at six-month Euribor plus 225 bps; €18 million of class C mezzanine secured deferrable floating-rate notes (/A/) at six-month Euribor plus 300 bps; €13 million of class D mezzanine secured deferrable floating-rate notes (/BBB/) at six-month Euribor plus 400 bps; €17.5 million of class E mezzanine secured deferrable floating-rate notes (/BB+/) at six-month Euribor plus 425 bps; and €51 million of non-rated subordinated notes.
Barclays Bank plc arranged the deal.
The CLO manager is Pramerica Investment Management Ltd.
The offering is backed by a revolving pool of broadly syndicated senior secured loans and bonds.
The notes may be redeemed after a two-year non-call period in whole on any payment date at the direction of the subordinated noteholders.
Proceeds from the offering will be used to purchase a portfolio of European leveraged loans and bonds.
| Issuer: | Dryden XXVII Euro CLO 2013 BV
|
| Amount: | €300 million
|
| Maturity: | June 25, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Bank plc
|
| Manager: | Pramerica Investment Management Ltd.
|
| Call feature: | June 2015
|
| Settlement date: | May
|
|
|
| Class A-1A notes
|
| Amount: | €90 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.4%
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €79.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Six-month Euribor plus 140 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €31 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Six-month Euribor plus 225 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | €18 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Six-month Euribor plus 300 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | €13 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Six-month Euribor plus 400 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | €17.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Six-month Euribor plus 425 bps
|
| Rating: | Standard & Poor's: BB+
|
|
|
| Subordinated tranche
|
| Amount: | €51 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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