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Prudential firms tranche sizes in upsized $666.5 million Dryden 34 Senior Loan Fund CLO offering
By Cristal Cody
Tupelo, Miss., July 18 – Prudential Investment Management, Inc. is expected to price $666.5 million of collateralized loan obligation notes due 2026 in a transaction upsized from an initial $615 million, according to a market source on Friday.
The Dryden 34 Senior Loan Fund/Dryden Senior Loan Fund LLC deal includes $409.5 million of class A floating-rate notes (//AAA), $84 million of class B floating-rate notes, $32 million of class C floating-rate notes, $39 million of class D floating-rate notes, $31.5 million of class E floating-rate notes, $20.75 million of class F floating-rate notes and $49.75 million of subordinated notes.
Credit Suisse Securities (USA) LLC is the placement agent.
Prudential Investment Management will manage the CLO, which is collateralized primarily by first-lien senior secured loans.
The transaction has a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a portfolio of leveraged loans.
Prudential was most recently in the primary market on April 9 with the $811.75 million Dryden 33 Senior Loan Fund/Dryden 33 Senior Loan Fund LLC offering.
The primary asset management business of Newark, N.J.-based Prudential Financial, Inc. brought five CLO transactions in 2013.
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