By Cristal Cody
Tupelo, Miss., Feb. 17 – Pramerica Investment Management Ltd. sold €442.6 million of notes due May 17, 2027 in the Dryden 35 Euro CLO 2014 BV transaction, according to a market source.
The CLO priced €232.1 million of class A-1A senior secured floating-rate notes at Euribor plus 130 basis points; €15.8 million of 1.76% class A-1B senior secured fixed-rate notes; €19 million of class B-1A senior secured floating-rate notes at Euribor plus 205 bps and €33.7 million of 2.62% class B-1B senior secured fixed-rate notes.
The CLO also sold €31.9 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 295 bps; €21.2 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 380 bps; €27.1 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 535 bps; €14.5 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 665 bps and €47.3 million of subordinated notes.
Goldman Sachs International arranged the deal.
Pramerica Investment Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The offering is backed predominantly by a revolving pool of broadly syndicated senior secured loans and bonds.
Pramerica, the leveraged finance arm of Prudential Financial, Inc., is based in London.
| Issuer: | Dryden 35 Euro CLO 2014 BV
|
| Amount: | €442.6 million
|
| Maturity: | May 17, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Pramerica Investment Management Ltd.
|
| Call feature: | Two years
|
| Pricing date: | Feb. 13
|
| Settlement date: | March 31
|
|
|
| Class A-1A notes
|
| Amount: | €232.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €15.8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.76%
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1A notes
|
| Amount: | €19 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
|
|
| Class B-1B notes
|
| Amount: | €33.7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.62%
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | €31.9 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 295 bps
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | €21.2 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | €27.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 535 bps
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | €14.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 665 bps
|
| Ratings: | Moody’s: B2
|
| Standard & Poor’s: B-
|
|
|
| Equity tranche
|
| Amount: | €47.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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