By Cristal Cody
Tupelo, Miss., March 15 – PGIM, Inc. priced $566.1 million of notes in a refinancing and reset of the Dryden 41 Senior Loan Fund/Dryden 41 Senior Loan Fund LLC deal, according to a notice of executed first supplemental indenture on Wednesday.
The CLO sold $357.5 million of class A-R senior secured floating-rate notes at Libor plus 97 basis points; $61.9 million of class B-R senior secured floating-rate notes at Libor plus 130 bps; $28.35 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 175 bps; $35.75 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 260 bps; $25.35 million of class E-R junior secured deferrable floating-rate notes at Libor plus 530 bps and $8.25 million of class F-R junior secured deferrable floating-rate notes at Libor plus 720 bps.
The CLO also priced $49 million subordinated notes, which includes $41.8 million of original subordinated notes and an additional $7.2 million of subordinated notes after the refinancing.
Barclays was the refinancing placement agent.
The maturity on the refinanced notes was extended to April 15, 2031 from the original Jan. 15, 2028 maturity.
The reset CLO also has a two-year non-call period and a five-year reinvestment period.
In the original $512.2 million deal issued on Oct. 29, 2015, Dryden 41 had priced $320.75 million of class A floating-rate notes at Libor plus 150 bps; $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.
Proceeds were used to redeem the original notes.
PGIM has priced one new CLO and refinanced one vintage CLO year to date.
The asset management firm, part of Newark, N.J.-based Prudential Investment Management, Inc., refinanced four vintage dollar-denominated CLOs in 2017.
| Issuer: | Dryden 41 Senior Loan Fund/Dryden 41 Senior Loan Fund LLC
|
| Amount: | $566.1 million refinancing
|
| Maturity: | April 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | PGIM, Inc.
|
| Call feature: | April 2020
|
| Settlement date: | March 14
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $357.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 97 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $61.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | $28.35 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $35.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $25.35 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-R notes
|
| Amount: | $8.25 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $49 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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