PGIM to refinance €385.83 million Dryden XXVII Euro CLO 2013 notes

By Cristal Cody

Eureka Springs, Ark., Nov. 9 – PGIM, Inc. plans to refinance €385,834,000 of notes due June 9, 2025 in a vintage 2013 Europe collateralized loan obligation, according to a market source.

Dryden XXVII Euro CLO 2013 BV intends to refinance €115 million of class A-1A-R floating-rate notes (//AAA); €167.5 million of class A-1B-R floating-rate notes (//AAA); €15,667,000 of class B-1A-R floating-rate notes (//AA+); €36 million of class B-1B-R floating-rate notes (//AA+); €19,333,000 of class C-1A-R floating-rate notes (//A+); €10,667,000 of class C-1B-R floating-rate notes (//A+) and €21,667,000 of class D-R floating-rate notes (//BBB+).

The deal also will include amendments to comply with U.S. Volcker Rule regulations.

Proceeds will be used to redeem the original notes on Dec. 9 at par.

PGIM has priced two new euro-denominated CLOs year to date.

The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.

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