By Christine Van Dusen
Atlanta, Dec. 7 – Prudential Investment Management Inc. priced a $714.05 million cash flow collateralized loan obligation offering in a refinancing of the Dryden 36 Senior Loan Fund/Dryden 36 Senior Loan Fund LLC, a market source said.
The original CLO priced on Nov. 7, 2014.
The CLO sold $3.2 million of class X senior secured floating-rate notes at Libor plus 110 basis points at par; $434 million class A-R notes at Libor plus 142 bps at par; $85.4 million class B-R notes at Libor plus 185 bps at par; $50.2 million class C-R notes at Libor plus 280 bps at par; $36.4 million class D-R notes at Libor plus 424 bps at a discount to yield Libor plus 445 bps; and $28.7 million class E-R notes at Libor plus 780 bps at a discount to yield Libor plus 810 bps.
Details of subclass 1 subordinated notes totaling $56.7 million and subclass 2 subordinated notes totaling $9.45 million were not disclosed.
Goldman Sachs & Co. was the placement agent.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 36 Senior Loan Fund/Dryden Senior Loan Fund LLC
|
| Amount: | $714.05 million
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | PGIM Inc.
|
| Pricing date: | Dec. 7
|
|
|
| Class X notes
|
| Amount: | $3.2 million
|
| Coupon: | Libor plus 110 bps
|
| Price: | Par
|
| Yield: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $434 million
|
| Coupon: | Libor plus 142 bps
|
| Price: | Par
|
| Yield: | Libor plus 142 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $85.4 million
|
| Coupon: | Libor plus 185 bps
|
| Price: | Par
|
| Yield: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $60.2 million
|
| Coupon: | Libor plus 280 bps
|
| Price: | Par
|
| Yield: | Libor plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $36.4 million
|
| Coupon: | Libor plus 424 bps
|
| Yield: | Libor plus 445 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $28.70 million
|
| Coupon: | Libor plus 780 bps
|
| Yield: | Libor plus 810 bps
|
| Rating: | S&P: BB-
|
|
|
| Subclass 1 subordinated notes
|
| Amount: | $56.7 million
|
|
|
| Subclass 2 subordinated notes
|
| Amount: | $9.45 million
|
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