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