Prudential offers $507.75 million Dryden 42 Senior Loan Fund CLO

By Cristal Cody

Tupelo, Miss., Jan. 26 – Prudential Investment Management, Inc. is in the deal pipeline with a $507.75 million collateralized loan obligation offering, according to a market source.

The Dryden 42 Senior Loan Fund/Dryden 42 Senior Loan Fund LLC transaction includes $310 million of class A floating-rate notes (AAA); $60 million of class B floating-rate notes (AA); $37.5 million of class C deferrable floating-rate notes (A); $27.5 million of class D deferrable floating-rate notes (BBB); $24 million of class E deferrable floating-rate notes (BB) and $48.75 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

Prudential Financial Inc. subsidiary PGIM Inc. will manage the CLO.

The notes are due April 15, 2027.

The CLO has a non-call period that ends on April 15, 2018. The reinvestment period ends on Oct. 15, 2020.

The deal is backed primarily by broadly syndicated senior secured loans.

Prudential Investment Management was in the U.S. primary market with four CLO deals in 2015.

The primary asset management business of Newark, N.J.-based Prudential Financial priced three U.S. CLO transactions in 2014.

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