PGIM prices £335.76 million CLO; JMP brings new deal; ICG Debt, Carlyle refinance

By Cristal Cody

Tupelo, Miss., July 27 – PGIM, Inc. priced £335.76 million of notes due Oct. 15, 2032 in a new sterling-denominated CLO transaction on Friday.

One of the last reported sterling deals in the CLO primary market was Credit Suisse Asset Management Ltd.’s €413.53 million equivalent of euro and sterling notes priced in the Cadogan Square CLO VI BV deal on June 30, 2015, according to a market source. The Cadogan Square notes were refinanced in August 2017 as all euro-denominated notes.

In new U.S. primary action, JMP Credit Advisors LLC priced a $407.8 million CLO deal.

CLO refinancing activity also remains steady.

ICG Debt Advisors LLC refinanced $405.75 million of notes from a 2016 CLO.

Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC refinanced $396 million vintage 2016 CLO notes.

In its deal, PGIM priced £335,761,000 of notes due Oct. 15, 2032 in the deal, according to a market source on Friday.

The Dryden 63 GBP CLO 2018 BV offering included £171 million of class A-1 senior secured floating-rate notes; £9 million of class A-2 senior secured fixed-rate notes; £29.1 million of class B-1 senior secured floating-rate notes; £14.4 million of class B-2 senior secured fixed-rate notes at the top of the capital stack.

NatWest markets plc and GreensLedge Capital Markets Europe LLC were the underwriters.

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