By Cristal Cody
Tupelo, Miss., June 26 – Pramerica Investment Management Ltd. priced €416.7 million of notes due Aug. 24, 2026 in a collateralized loan obligation deal on Thursday, according to a market source.
Dryden 32 Euro CLO 2014 BV sold €199.25 million of class A-1A senior secured floating-rate notes at par with a coupon of Euribor plus 140 basis points and €31 million of 2.25% class A-1B senior secured fixed-rate notes at par.
The CLO priced €18.42 million of class B-1A senior secured floating-rate notes at par with a coupon of Euribor plus 200 bps; €31.58 million of 3.0375% class B-1B senior secured fixed-rate notes at par; €32 million of class C deferrable floating-rate notes at 98.42 with a coupon of Euribor plus 250 bps; €22 million of class D deferrable floating-rate notes at par with a coupon of Euribor plus 360 bps; €26 million of class E deferrable floating-rate notes at 93.25 with a coupon of Euribor plus 480 bps and €17 million of class F deferrable floating-rate notes at 92.15 with a coupon of Euribor plus 555 bps.
The deal included €39.45 million of subordinated notes in the equity tranche.
Barclays Bank plc was the placement agent.
Pramerica Investment Management will manage the CLO and retain 5% of the transaction.
The portfolio is backed primarily by senior secured loans and bonds.
The CLO has a two-year non-call period and a four-year reinvestment period.
Pramerica Investment Management, the London-based leveraged finance arm of Newark, N.J.-based Prudential Financial, Inc., priced two European CLO deals in 2013.
| Issuer: | Dryden 32 Euro CLO 2014 BV
|
| Amount: | €416.7 million
|
| Maturity: | Aug. 24, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Bank plc
|
| Manager: | Pramerica Investment Management Ltd.
|
| Call feature: | 2016
|
| Pricing date: | June 26
|
| Settlement date: | July 23
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1A notes
|
| Amount: | €199.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: Expected AAA
|
|
|
| Class A-1B notes
|
| Amount: | €31 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.25%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: Expected AAA
|
|
|
| Class B-1A notes
|
| Amount: | €18.42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: Expected AA
|
|
|
| Class B-1B notes
|
| Amount: | €31.58 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.0375%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: Expected AA
|
|
|
| Class C notes
|
| Amount: | €32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Price: | 98.42
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: Expected A
|
|
|
| Class D notes
|
| Amount: | €22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: Expected BBB
|
|
|
| Class E notes
|
| Amount: | €26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 480 bps
|
| Price: | 93.25
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor’s: Expected BB
|
|
|
| Class F notes
|
| Amount: | €17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 555 bps
|
| Price: | 92.15
|
| Ratings: | Moody’s: B2
|
| Standard & Poor’s: Expected B-
|
|
|
| Equity tranche
|
| Amount: | €39.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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