By Cristal Cody
Tupelo, Miss., July 23 – Prudential Investment Management, Inc. priced $666.5 million of collateralized loan obligation notes due Oct. 15, 2026 in the Dryden 34 Senior Loan Fund/Dryden Senior Loan Fund LLC deal, according to a market source.
The CLO sold $409.5 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 143 basis points.
The CLO also priced $84 million of class B senior secured floating-rate notes (Aa2) at Libor plus 190 bps; $32 million of class C deferrable floating-rate notes (A2) at Libor plus 280 bps; $39 million of class D deferrable floating-rate notes (Baa3) at Libor plus 360 bps; $31.5 million of class E deferrable floating-rate notes (Ba3) at Libor plus 480 bps; $20.75 million of class F deferrable floating-rate notes (B2) at Libor plus 580 bps and $49.75 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Prudential Investment Management will manage the CLO, which is collateralized primarily by first-lien senior secured loans.
The CLO 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’s last CLO deal was in April when it brought 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. priced five CLOs in 2013.
| Issuer: | Dryden 34 Senior Loan Fund/Dryden Senior Loan Fund LLC
|
| Amount: | $666.5 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Prudential Investment Management, Inc.
|
| Call feature: | 2016
|
| Pricing date: | July 21
|
| Settlement date: | Aug. 28
|
|
|
| Class A notes
|
| Amount: | $409.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $39 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 480 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $49.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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