By Cristal Cody
Eureka Springs, Ark., May 2 – Prudential Investment Management, Inc. sold $401.75 million of notes in the Dryden 42 Senior Loan Fund/Dryden 42 Senior Loan Fund LLC transaction, according to a market source.
The CLO sold $248 million of class A senior secured floating-rate notes (Aaa/AAA) at Libor plus 156 basis points; $56 million of class B senior secured floating-rate notes (AA) at Libor plus 215 bps; $24 million of class C senior secured deferrable floating-rate notes (A) at Libor plus 315 bps; $20 million of class D senior secured deferrable floating-rate notes (BBB) at Libor plus 450 bps; $18 million of class E senior secured deferrable floating-rate notes (BB) at Libor plus 725 bps and $35.75 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Prudential Financial Inc. subsidiary PGIM Inc. will manage the CLO.
The notes are due July 15, 2027.
The CLO has a non-call period that ends July 15, 2018 and a reinvestment period that ends Jan. 15, 2021.
The deal is backed primarily by broadly syndicated senior secured loans.
Prudential pulled the original offering sized at $507.75 million from marketing in February.
Prudential Investment Management, the primary asset management business of Newark, N.J.-based Prudential Financial, was in the U.S. primary market in 2015 with four CLO deals.
| Issuer: | Dryden 42 Senior Loan Fund/Dryden 42 Senior Loan Fund LLC
|
| Amount: | $401.75 million
|
| Maturity: | July 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM Inc.
|
| Call feature: | July 15, 2018
|
| Pricing date: | April 22
|
| Settlement date: | May 24
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 156 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $35.75 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
|
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