By Cristal Cody
Tupelo, Miss., May 17 – PGIM, Inc. refinanced €353.7 million of notes due May 17, 2027 from a 2015 vintage European collateralized loan obligation, according to a market source.
Dryden 35 Euro CLO 2014 BV priced €232.1 million of class A-1A-R senior secured floating-rate notes at Euribor plus 95 basis points, €15.8 million of 1.2% class A-1B-R senior secured fixed-rate notes, €19 million of class B-1A-R senior secured floating-rate notes at Euribor plus 155 bps, €33.7 million of 2.1% class B-1B-R senior secured fixed-rate notes, €31.9 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 200 bps and €21.2 million of class D-R mezzanine secured deferrable floating-rate notes at Euribor plus 305 bps.
Goldman Sachs International was the refinancing agent.
PGIM will continue to manage the CLO.
The original €442.6 million transaction priced on Feb. 13, 2015. The CLO sold €232.1 million of class A-1A senior secured floating-rate notes at Euribor plus 130 bps; €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; €33.7 million of 2.62% class B-1B senior secured fixed-rate notes; €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.
Proceeds from the refinancing were used to redeem the original notes.
The refinanced CLO is collateralized mainly of secured senior loans or senior secured bonds.
PGIM priced two euro-denominated CLOs and refinanced one vintage CLO in 2016.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 35 Euro CLO 2014 B.V.
|
| Amount: | €353.7 million refinancing
|
| Maturity: | May 17, 2027
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs International
|
| Manager: | PGIM, Inc.
|
| Settlement date: | May 16
|
|
|
| Class A-1A-R notes
|
| Amount: | €232.1 million
|
| Coupon: | Euribor plus 95 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | €15.8 million
|
| Coupon: | 1.2%
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1A-R notes
|
| Amount: | €19 million
|
| Coupon: | Euribor plus 155 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA
|
|
|
| Class B-1B-R notes
|
| Amount: | €33.7 million
|
| Coupon: | 2.1%
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | €31.9 million
|
| Coupon: | Euribor plus 200 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
|
|
| Class D-R notes
|
| Amount: | €21.2 million
|
| Coupon: | Euribor plus 305 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
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