By Cristal Cody
Eureka Springs, Ark., Nov. 18 – PGIM, Inc. refinanced €385.83 million of notes due Dec. 9, 2025 in a vintage 2013 European collateralized loan obligation, according to a market source.
Dryden XXVII Euro CLO 2013 BV priced €115 million of class A-1A-R floating-rate notes (//AAA/AAA) at Euribor plus 108 basis points; €167.5 million of class A-1B-R floating-rate notes (/AAA/AAA) at Euribor plus 98 bps; €15.67 million of class B-1A-R floating-rate notes (/AAA/AA+) at Euribor plus 220 bps; €36 million of class B-1B-R floating-rate notes (/AAA/AA+) at Euribor plus 175 bps; €19.33 million of class C-1A-R floating-rate notes (/AA+/A+) at Euribor plus 265 bps; €10.67 million of class C-1B-R floating-rate notes (/AA+/A+) at Euribor plus 260 bps and €21.67 million of class D-R floating-rate notes (/AA-/BBB+) at Euribor plus 340 bps.
Citigroup Global Markets Inc. was the refinancing agent.
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 originally priced the CLO in 2013 and reopened it in 2014.
The CLO manager has priced two euro-denominated CLOs and refinanced one vintage CLO year to date.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden XXVII Euro CLO 2013 BV
|
| Amount: | €385.83 million
|
| Maturity: | Dec. 9, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | PGIM, Inc.
|
| Pricing date: | Nov. 8
|
| Settlement date: | Dec. 9
|
|
|
| Class A-1A-R notes
|
| Amount: | €115 million
|
| Coupon: | Euribor plus 108 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | €167.5 million
|
| Coupon: | Euribor plus 98 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1A-R notes
|
| Amount: | €15.67 million
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AA+
|
|
|
| Class B-1B-R notes
|
| Amount: | €36 million
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AA+
|
|
|
| Class C-1A-R notes
|
| Amount: | €19.33 million
|
| Coupon: | Euribor plus 265 bps
|
| Ratings: | S&P: AA+
|
| Fitch: A+
|
|
|
| Class C-1B-R notes
|
| Amount: | €10.67 million
|
| Coupon: | Euribor plus 260 bps
|
| Ratings: | S&P: AA+
|
| Fitch: A+
|
|
|
| Class D-R notes
|
| Amount: | €21.67 million
|
| Coupon: | Euribor plus 340 bps
|
| Ratings: | S&P: AA-
|
| Fitch: BBB+
|
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