By Cristal Cody
Tupelo, Miss., May 4 – Prudential Investment Management, Inc. sold $473.5 million of notes due Nov. 15, 2023 in a refinancing of a vintage 2012 collateralized loan obligation deal, according to a market source.
Dryden XXIV Senior Loan Fund/Dryden XXIV Senior Loan Fund LLC priced $316.5 million of class A-R floating-rate notes at Libor plus 129 basis points, tighter than where the notes originally came at Libor plus 143 bps.
The CLO sold $58.5 million of class B-R floating-rate notes at Libor plus 187 bps, compared with the original pricing of Libor plus 225 bps.
The CLO placed the $43.5 million tranche of class C-R floating-rate notes at Libor plus 270 bps, tighter than where the notes first priced at Libor plus 310 bps.
The $23.5 million of class D-R floating-rate notes were refinanced at Libor plus 370 bps. The notes originally priced at Libor plus 475 bps.
The CLO sold $21.5 million of class E-R floating-rate notes at Libor plus 595 bps. The notes originally priced at Libor plus 590 bps.
Finally, the $10 million of class F-R floating-rate notes were refinanced at Libor plus 790 bps. The notes originally were sold at Libor plus 650 bps.
Morgan Stanley & Co. LLC was the refinancing agent.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the refinancing will be used to fully redeem the original class A, B, C, D, E and F notes on the May 15 refinancing date.
Prudential has priced two CLO transactions this year to date, including the $515.2 million Dryden 38 Senior Loan Fund/Dryden 38 Senior Loan Fund LLC deal on March 25.
The primary asset management business of Newark-based Prudential Financial, Inc. brought three U.S. CLO offerings in 2014.
| Issuer: | Dryden XXIV Senior Loan Fund/Dryden XXIV Senior Loan Fund LLC
|
| Amount: | $473.5 million refinancing
|
| Maturity: | Nov. 15, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Prudential Investment Management, Inc.
|
| Pricing date: | April 29
|
| Settlement date: | May 15
|
|
|
| Class A-R notes
|
| Amount: | $316.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 129 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa (expected)
|
| Standard & Poor’s: AAA
|
|
|
| Class B-R notes
|
| Amount: | $58.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 187 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-R notes
|
| Amount: | $43.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D-R notes
|
| Amount: | $23.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E-R notes
|
| Amount: | $21.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F-R notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 790 bps
|
| Price: | 99.75
|
| Rating: | Standard & Poor’s: B
|
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