Three Dryden CLO vehicles to make unreconciled funds payments Feb. 6

By Jennifer Chiou

New York, Feb. 4 – Dryden X – Euro CLO 2005 plc , Dryden XIV – Euro CLO 2006 plc and Dryden XV – Euro CLO 2006 plc announced that the collateral administrator for each of the issuers has identified previously unreconciled funds that will be paid on Feb. 6.

According to a filing with the London Stock Exchange, the notice was issued to holders of the following Dryden X notes:

• €36.55 million of class 1 subordinated notes due 2022;

• €4 million of class Q combination notes due 2022; and

• €8 million of class S combination notes due 2022.

The collateral administrator identified previously unreconciled funds from the period of March 2007 to January 2008 that would have been available for distribution on the January 2008 payment date. The funds, which represent 0.19% of the original funds distributed on that payment date, mean it is necessary to make additional distributions of interest and principal to affected noteholders.

Specifically, €32,888 in total will be paid to noteholders who held the class 1, Q and S notes. The total payment represents an original interest payment amount of €27,607 plus additional compensation of €5,281 for the delayed payment.

In addition, €100,799 in total, representing principal, will be paid to the same holders.

Dryden XIV

The filing said that the notice was issued to holders of the following Dryden XIV notes:

• €312.5 million of class A senior floating-rate notes due 2022;

• €42.5 million of class 1 subordinated notes due 2022; and

• €6 million of class Q combination notes due 2022.

The affected period for these notes ran from March 2008 to March 2009. Funds would have been available for distribution on the September 2008 and March 2009 payment dates.

These funds represent 0.74% and 1.99%, respectively, of the original funds distributed on those payment dates.

Specifically, €465,983 in total will be paid to these noteholders, representing an original interest payment amount of €132,518 for the September 2008 payment date and €319,450 for the March 2009 payment date, plus additional compensation of €4,109 and €9,906, respectively, for the delayed payment.

In addition, €31,260 in total, representing principal, will be paid to the class A noteholders.

Dryden XV

The filing said that the notice was issued to holders of the following Dryden XV notes:

• €198 million of class A1 senior floating-rate notes due 2023; and

• €42.1 million of subordinated notes due 2023.

The affected period for these notes ran from January 2007 to October 2007. Funds would have been available for distribution on the October 2007 payment date.

These funds represent 0.56% of the original funds distributed on that payment date.

Specifically, €103,843 in total will be paid to these noteholders, representing an original interest payment amount of €93,595, plus additional compensation of €10,248 for the delayed payment.

In addition, €146,458 in total, representing principal, will be paid to the class A noteholders.

The filing stated that it was confirmed that the need for this reconciliation has resulted from an operational issue on the part of the collateral administrator during the above-stated period and that no other payments to noteholders have been affected.

Questions may be directed to the investment vehicle at Dryden@list.db.com.

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