By Cristal Cody
Tupelo, Miss., March 31 – Prudential Investment Management, Inc. priced a $515.2 million collateralized loan obligation offering, according to a market source.
Dryden 38 Senior Loan Fund/Dryden 38 Senior Loan Fund LLC sold $4 million of class X floating-rate notes at Libor plus 100 basis points; $310 million of class A floating-rate notes at Libor plus 143 bps; $72.5 million of class B floating-rate notes at Libor plus 200 bps; $25 million of class C floating-rate notes at Libor plus 290 bps; $13.75 million of class D-1 floating-rate notes at Libor plus 355 bps; $13.75 million of class D-2 floating-rate notes at Libor plus 410 bps; $25 million of class E floating-rate notes at Libor plus 605 bps and $51.2 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a three-year non-call period and a five-year reinvestment period.
Collateral consists of broadly syndicated first-lien senior secured corporate loans.
The transaction is Prudential’s second CLO deal of the year.
The primary asset management business of Newark, N.J.-based Prudential Financial, Inc. brought three U.S. CLO offerings in 2014.
| Issuer: | Dryden 38 Senior Loan Fund/Dryden 38 Senior Loan Fund LLC
|
| Amount: | $515.2 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Prudential Investment Management, Inc.
|
| Call feature: | 2018
|
| Pricing date: | March 25
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Price: | Par
|
| Expected ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Price: | Par
|
| Expected ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $72.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Price: | Par
|
| Expected rating: | Moody’s: A2
|
|
|
| Class D-1 notes
|
| Amount: | $13.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Price: | 96
|
| Expected rating: | Moody’s: Baa3
|
|
|
| Class D-2 notes
|
| Amount: | $13.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Price: | Par
|
| Expected rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 605 bps
|
| Price: | 96.95
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $51.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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