By Cristal Cody
Tupelo, Miss., Feb. 6 – PGIM, Inc. sold €280.25 million of notes due Aug. 3, 2026 in a refinancing of a vintage 2014 Europe collateralized loan obligation, according to a market source.
Dryden 32 Euro CLO 2014 BV priced €199.25 million of class A-1A-R senior secured floating-rate notes at Euribor plus 93 basis points, €31 million of 1.25% class A-1B-R senior secured fixed-rate notes, €18.42 million of class B-1A-R senior secured floating-rate notes at Euribor plus 150 bps and €31.58 million of 2.28% class B-1B-R senior secured fixed-rate notes.
Barclays was the refinancing agent.
PGIM will continue to manage the CLO.
Proceeds will be used to redeem the original notes.
The CLO manager priced two euro-denominated CLOs and refinanced one vintage CLO in 2016.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 32 Euro CLO 2014 BV
|
| Amount: | €280.25 million refinancing
|
| Maturity: | Aug. 3, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | PGIM, Inc.
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 23
|
|
|
| Class A-1A-R notes
|
| Amount: | €199.25 million
|
| Coupon: | Euribor plus 93 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | €31 million
|
| Coupon: | 1.25%
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1A-R notes
|
| Amount: | €18.42 million
|
| Coupon: | Euribor plus 150 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-1B-R notes
|
| Amount: | €31.58 million
|
| Coupon: | 2.28%
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
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