By Cristal Cody
Tupelo, Miss., Dec. 2 – Prudential Investment Management, Inc. priced $609.3 million of collateralized loan obligation notes due Dec. 15, 2025 in the Dryden 36 Senior Loan Fund/Dryden 36 Senior Loan Fund LLC deal, according to a market source.
The CLO sold $375 million of class A senior secured floating-rate notes at Libor plus 147 basis points; $70.2 million of class B senior secured floating-rate notes at Libor plus 235 bps; $51.6 million of class C senior secured deferrable floating-rate notes at Libor plus 305 bps; $31.2 million of class D senior secured deferrable floating-rate notes at Libor plus 375 bps; $24.6 million of class E senior secured deferrable floating-rate notes at Libor plus 520 bps and $56.7 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
Prudential Investment Management will manage the CLO, which is backed mainly by broadly syndicated first-lien senior secured corporate loans.
The CLO is non-callable until Jan. 15, 2017. The reinvestment period is scheduled to end Dec. 15, 2018.
Prudential previously was in the primary market this year with two U.S. CLO deals, including the $666.5 million Dryden 34 Senior Loan Fund/Dryden Senior Loan Fund LLC offering on July 21.
The firm is the primary asset management business of Newark, N.J.-based Prudential Financial, Inc.
| Issuer: | Dryden 36 Senior Loan Fund/Dryden 36 Senior Loan Fund LLC
|
| Amount: | $609.3 million
|
| Maturity: | Dec. 15, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Prudential Investment Management, Inc.
|
| Call feature: | Jan. 15, 2017
|
| Pricing date: | Nov. 7
|
| Settlement date: | Dec. 10
|
|
|
| Class A notes
|
| Amount: | $375 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $70.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $51.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $31.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $24.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity tranche
|
| Amount: | $56.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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