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Pramerica prices 442.6 million Dryden 35 CLO; new Europe AAAs firm modestly from December
By Cristal Cody
Tupelo, Miss., Feb. 17 Pramerica Investment Management Ltd. brought a 442.6 million European CLO transaction, the years third euro-denominated deal.
The CLO priced the AAA-rated notes in the offering at Euribor plus 130 basis points, a source said.
Carlyle Group LP and Commerzbank AG, London Branch previously tapped the European markets.
Carlyle priced the 273.5 million AAA-rated tranche in the Carlyle Global Market Strategies Euro CLO 2015-1 Ltd. offering at Euribor plus 125 bps.
Commerzbank sold 135.4 million of class A floating-rate notes at Euribor plus 115 bps in the static Bosphorus CLO I Ltd. transaction.
In December, new euro-denominated CLO AAA notes printed at Euribor plus 132 bps to Euribor plus 135 bps, according to Barclays.
U.S. and European CLO managers are forecast to bring 20 billion to 25 billion of issuance in 2015.
Pramerica prices CLO
Pramerica Investment Management 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 bps in the AAA-rated tranche.
Lower in the mezzanine tranches, the CLO sold 14.5 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 665 bps.
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.
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