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PGIM prices $510.35 million CLO; DFG Investment Advisors wraps $510.25 deal; HPS prints
By Cristal Cody
Tupelo, Miss., Sept. 27 – Prudential Investment Management, Inc. affiliate PGIM, Inc. priced $510.35 million of notes in the CLO manager’s sixth dollar-denominated deal of 2018.
Meanwhile, DFG Investment Advisors, Inc. closed Thursday on a new $510.25 million CLO transaction.
In addition, HPS Investment Partners, LLC priced $519.06 million of notes due Oct. 15, 2031 in the HPS Loan Management 13-2018 Ltd./HPS Loan Management 13-2018 LLC offering, a source said.
Deutsche Bank Securities Inc. was the placement agent.
Final pricing details were not immediately available.
HPS Investment Partners, a New York City-based subsidiary of Highbridge Capital Management, LLC, has priced two new CLOs year to date.
PGIM prices $510.35 million
PGIM priced $510.35 million of notes due July 18, 2030 in the new Dryden 65 CLO Ltd./Dryden 65 CLO LLC deal, according to a market source.
The CLO placed $310 million of class A-1 floating-rate notes (AAA/) at Libor plus 113 basis points at the top of the capital structure.
Citigroup Global Markets Inc. was the placement agent.
The issue is collateralized primarily by broadly syndicated senior secured loans.
PGIM has issued six new U.S. dollar-denominated CLOs year to date.
The asset management firm is part of Newark, N.J.-based Prudential Investment Management.
DFG prints Vibrant CLO X
DFG Investment Advisors priced $510.25 million of notes due Oct. 20, 2031 in its CLO deal, according to a market source.
Vibrant CLO X Ltd./Vibrant CLO X LLC sold $320 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 120 bps in the AAA-rated tranche.
Morgan Stanley & Co. LLC was the placement agent.
The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.
DFG Investment Advisors has priced three new CLOs year to date.
The asset management firm is based in New York.
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