By Cristal Cody
Tupelo, Miss., Dec. 11 – PGIM, Inc. priced €397.2 million of notes in a second refinancing of a vintage 2015 Europe collateralized loan obligation, according to market sources.
Dryden 35 Euro CLO 2014 BV sold €3 million of class X senior secured floating-rate notes at Euribor plus 48 basis points and €261.4 million of class A-R senior secured floating-rate notes at Euribor plus 98 bps.
The CLO priced €22.1 million of class B-1A-R senior secured floating-rate notes at Euribor plus 190 bps and €20 million of 2.1% class B-1B-R senior secured fixed-rate notes.
Lower down the stack, the CLO refinanced €15 million of class C-1A-R mezzanine secured deferrable floating-rate notes at Euribor plus 260 bps, €10 million of class C-1B-R fixed-rate notes with a 3% coupon, €28.1 million of class D-R mezzanine secured deferrable floating-rate notes at Euribor plus 420 bps, €24.7 million of class E-R mezzanine secured deferrable floating-rate notes at Euribor plus 633 bps and €12.8 million of class D-R mezzanine secured deferrable floating-rate notes at Euribor plus 875 bps.
Goldman Sachs International was the refinancing agent.
PGIM will continue to manage the CLO.
The maturity on the reset CLO notes was extended to Jan. 18, 2033 from May 17, 2027.
Dryden 35 Euro CLO was originally issued as a €442.6 million transaction on March 31, 2015.
The CLO had 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.
Dryden 35 Euro CLO was first refinanced in a €353.7 million transaction issued on May 16, 2017.
In that offering, the CLO sold €232.1 million of class A-1A-R senior secured floating-rate notes at Euribor plus 95 bps, €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.
Proceeds from the second refinancing will be used to redeem the outstanding notes.
The original €47.3 million of subordinated notes will remain outstanding.
The CLO is collateralized primarily by secured senior loans and senior secured bonds.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 35 Euro CLO 2014 BV
|
| Amount: | €397.2 million refinancing
|
| Maturity: | Jan. 18, 2033
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs International
|
| Manager: | PGIM, Inc.
|
| Pricing date: | Dec. 10
|
| Settlement date: | Jan. 31
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 48 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | €261.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1A-R notes
|
| Amount: | €22.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-1B-R notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C-1A-R notes
|
| Amount: | €15.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C-1B-R notes
|
| Amount: | €10 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 3%
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D-R notes
|
| Amount: | €28.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 420 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €24.7 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 633 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | €12.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 875 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
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