Pramerica Investment Management postpones second European CLO offer

By Cristal Cody

Tupelo, Miss., Aug. 15 - Pramerica Investment Management Ltd. was expected to price its second European CLO offering in July or August, but the €306.2 million Pinewood CLO 2013-1 BV deal has been postponed until after summer, according to an informed source.

Investec Securities Ltd. and Wells Fargo Securities, LLC are the joint placement agents on the deal.

Pramerica is the London-based leveraged finance arm of Newark, N.J.-based Prudential Financial, Inc.

In May, Prudential closed the €300 million Dryden XXVII Euro CLO 2013 BV offering of seven tranches of notes due June 25, 2025, its first post-financial crisis European CLO deal.

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