By Cristal Cody
Tupelo, Miss., April 3 – Prudential Investment Management, Inc. affiliate PGIM, Inc. priced $646.75 million of notes in a second refinancing of a vintage 2014 collateralized loan obligation deal, according to a market source.
Dryden 36 Senior Loan Fund/ Dryden 36 Senior Loan Fund LLC priced $3.2 million of class X-R2 floating-rate notes at Libor plus 65 basis points; $434 million of class A-R2 floating-rate notes at Libor plus 128 bps; $85.4 million of class B-R2 floating-rate notes at Libor plus 175 bps; $60.2 million of class C-R2 deferrable floating-rate notes at Libor plus 240 bps; $36.4 million of class D-R2 deferrable floating-rate notes at Libor plus 370 bps and $27.55 million of class E-R2 deferrable floating-rate notes at Libor plus 688 bps.
Goldman, Sachs & Co. was the refinancing agent.
PGIM is the CLO manager.
The CLO manager extended the maturity on the refinanced notes to April 15, 2029 from Jan. 15, 2028.
The non-call period was increased by one year.
The CLO was originally issued Dec. 9, 2014 and was first refinanced Dec. 21, 2016.
In the first refinancing, $714.05 million of notes were priced. The CLO sold $3.2 million of class X senior secured floating-rate notes at Libor plus 110 bps 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, as well as subclass 1 subordinated notes totaling $56.7 million and subclass 2 subordinated notes totaling $9.45 million.
PGIM originally sold $609.3 million of notes in the 2014 offering. In that transaction, the CLO priced $375 million of class A senior secured floating-rate notes at Libor plus 147 bps; $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.
Proceeds will be used to redeem the outstanding notes on April 15.
Prudential Investment Management 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
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| Amount: | $646.75 million refinancing
|
| Maturity: | April 15, 2029
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Goldman, Sachs & Co.
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| Manager: | PGIM, Inc.
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| Call feature: | April 15, 2020
|
| Pricing date: | March 27
|
| Settlement date: | April 15
|
| Distribution: | Rule 144A, Regulation S
|
|
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| Class X-R2 notes
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| Amount: | $3.2 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 65 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-R2 notes
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| Amount: | $434 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 128 bps
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| Ratings: | S&P: AAA
|
|
|
| Class B-R2 notes
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| Amount: | $85.4 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 175 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C-R2 notes
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| Amount: | $60.2 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 240 bps
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| Ratings: | S&P: A
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|
|
| Class D-R2 notes
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| Amount: | $36.4 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 370 bps
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| Ratings: | S&P: BBB-
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|
|
| Class E-R2 notes
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| Amount: | $27.55 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 688 bps
|
| Ratings: | S&P: BB-
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