Dryden XXVII Euro CLO 2013 subordinated noteholders OK refinancing

By Angela McDaniels

Tacoma, Wash., Dec. 5 – Dryden XXVII Euro CLO 2013 BV’s subordinated noteholders approved its plans to refinance €385,834,000 of notes due June 9, 2025 in a vintage 2013 Europe collateralized loan obligation, according to a filing with the London Stock Exchange.

As previously reported, Dryden intends to issue €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.

Collateral manager PGIM, Inc. announced plans for the refinancing on Nov. 9.

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

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