By Cristal Cody
Tupelo, Miss., March 6 – Prudential Investment Management, Inc. affiliate PGIM, Inc. refinanced $564.5 million of notes due Oct. 15, 2026 in the Dryden 34 Senior Loan Fund collateralized loan obligation deal, according to a market source.
The vintage 2014 CLO priced $409.5 million of class A-R floating-rate notes at Libor plus 116 basis points; $84 million of class B-R floating-rate notes at Libor plus 155 bps; $32 million of class C-R floating-rate notes at Libor plus 215 bps and $39 million class D-R floating-rate notes at Libor plus 340 bps.
Deutsche Bank Securities Inc. was the refinancing agent.
PGIM is the CLO manager.
Proceeds from the transaction will be used to redeem the original notes.
Prudential Investment Management priced three U.S. CLOs and refinanced two vintage U.S. CLOs in 2016.
PGIM is the primary investment management business of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 34 Senior Loan Fund
|
| Amount: | $564.5 million refinancing
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank Securities Inc.
|
| Manager: | PGIM, Inc.
|
| Pricing date: | March 1
|
|
|
| Class A-R notes
|
| Amount: | $409.5 million
|
| Coupon: | Libor plus 116 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $84 million
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $32 million
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $39 million
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Moody’s: Baa3 expected
|
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