Dryden 36 Senior Loan Fund refinancing emerges; activity slower as conference closes

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 financing of the cash flow CLO came on an otherwise mostly quiet Wednesday for the market, even as refinancing activity has remained high recently.

“There was a conference out in California over the last few days,” a market source said. “Everyone is just getting back, so it’s a relatively slow week.”

For the Dryden deal, $3.2 million of class X senior secured floating-rate notes (Aaa/AAA) priced at Libor plus 110 basis points at par, and $434 million class A-R notes (Aaa/AAA) priced at Libor plus 142 bps at par at the top of the capital stack.

Goldman Sachs & Co. was the placement agent.

The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.

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