By Cristal Cody
Tupelo, Miss., Sept. 9 – Pramerica Investment Management Ltd. sold €201.88 million of notes due June 9, 2025 in a reopening of the Dryden XXVII Euro CLO 2013 BV deal brought in 2013, according to an informed source.
The CLO priced €46 million of 2.3% class A-1A senior secured fixed-rate notes and €67 million of class A-1B senior secured floating-rate notes at Euribor plus 135 basis points.
The CLO also sold €6.27 million of 2.93% class B-1A senior secured fixed-rate notes; €14.4 million of class B-1B senior secured floating-rate notes at Euribor plus 190 bps; €7.73 million of 3.93% class C-1A deferrable fixed-rate notes; €4.27 million of class C-1B deferrable floating-rate notes at Euribor plus 290 bps; €8.67 million of class D deferrable floating-rate notes at Euribor plus 400 bps and €11.67 million of class E deferrable floating-rate notes at Euribor plus 475 bps.
The offering included €35.87 million of subordinated notes as equity.
Barclays Bank plc was the deal arranger.
Pramerica Investment Management is the CLO manager.
The CLO is backed predominantly by a revolving pool of broadly syndicated senior secured loans and bonds.
Pramerica Investment Management sold €300 million of notes in the original transaction that priced in April 2013. The total outstanding is €501.88 million.
Pramerica, the leveraged finance arm of Prudential Financial, Inc., is based in London.
| Issuer: | Dryden XXVII Euro CLO 2013 BV
|
| Amount: | €201.88 million reopening
|
| Maturity: | June 9, 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: | 2015
|
| Pricing date: | Sept. 4
|
| Total outstanding: | €501.88 million
|
|
|
| Class A-1A notes
|
| Amount: | €46 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.3%
|
| Price: | Par
|
| Expected ratings: | Standard & Poor’s: AAA
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €67 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Price: | 99.83
|
| Expected ratings: | Standard & Poor’s: AAA
|
| Fitch: AAA
|
|
|
| Class B-1A notes
|
| Amount: | €6.27 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.93%
|
| Price: | Par
|
| Expected rating: | Standard & Poor’s: AA
|
|
|
| Class B-1B notes
|
| Amount: | €14.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Price: | 98.50
|
| Expected rating: | Standard & Poor’s: AA
|
|
|
| Class C-1A notes
|
| Amount: | €7.73 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 3.93%
|
| Price: | Par
|
| Expected rating: | Standard & Poor’s: A
|
|
|
| Class C-1B notes
|
| Amount: | €4.27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Price: | Par
|
| Expected rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | €8.67 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Price: | Par
|
| Expected rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | €11.67 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 475 bps
|
| Price: | 94.75
|
| Expected rating: | Standard & Poor’s: BB+
|
|
|
| Equity tranche
|
| Amount: | €35.87 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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