By Cristal Cody
Tupelo, Miss., Sept. 21 – Prudential Investment Management, Inc. priced a $512.2 million broadly syndicated collateralized loan obligation deal, according to a market source.
Dryden 41 Senior Loan Fund/Dryden 41 Senior Loan Fund LLC sold $320.75 million of class A floating-rate notes at Libor plus 150 basis points; $57.6 million of class B floating-rate notes at Libor plus 215 bps; $25.2 million of class C floating-rate notes at Libor plus 295 bps; $30.2 million of class D floating-rate notes at Libor plus 370 bps; $26.45 million of class E floating-rate notes at Libor plus 565 bps; $10.2 million of class F floating-rate notes at Libor plus 690 bps and $41.8 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Prudential has been in the primary market with four dollar-denominated CLO deals this year to date.
The primary asset management business of Newark, N.J.-based Prudential Financial, Inc. priced three U.S. CLO transactions in 2014.
| Issuer: | Dryden 41 Senior Loan Fund/Dryden 41 Senior Loan Fund LLC
|
| Amount: | $512.2 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Prudential Investment Management, Inc.
|
| Pricing date: | Sept. 17
|
|
|
| Class A notes
|
| Amount: | $320.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Expected ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
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| Amount: | $57.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $25.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Expected rating: | Moody’s: A2
|
|
|
| Class D notes
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| Amount: | $30.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Expected rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $26.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $10.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Expected rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $41.8 million
|
| Securities: | Subordinated notes
|
| Expected rating: | Non-rated
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