Chicago, Feb. 11 – PGIM Ltd. repriced €369.8 million in 10 classes of notes from a previous Dryden 44 Euro CLO 2015 BV transaction now with an April 17, 2034 maturity date, according to a market source.
The refinancing includes €1.3 million of class X-R-R senior secured floating-rate notes at Euribor plus 40 basis points, €225.8 million of senior secured class A-1-R-R floating-rate notes at Euribor plus 90 bps, €16.2 million of class A-2-R-R senior secured 1% secured fixed-rate notes, €30 million of class B-1-R-R senior secured floating-rate notes at Euribor plus 155 bps and €10 million of class B-2-R-R senior secured 1.8% fixed-rate notes.
The refinanced CLO also includes €14.5 million of class C-1-R-R senior secured deferrable floating-rate notes at Euribor plus 250 bps, €10 million of class C-2-R-R senior secured deferrable 2.5% fixed-rate notes, €28.5 million of class D-R-R senior secured deferrable floating-rate notes at Euribor plus 375 bps, €23 million of class E-R-R senior secured deferrable floating-rate notes at Euribor plus 620 bps and €10.5 million of class F-R-R senior secured deferrable floating-rate notes at Euribor plus 830 bps.
Original notes
In 2016, the CLO originally sold €232.4 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 145 bps and €12.3 million of 1.66% class A-2 senior secured fixed-rate notes (Aaa/AAA).
The CLO priced €36 million of class B-1 senior secured floating-rate notes (Aa2/AA) at Euribor plus 215 bps and €7.2 million of 2.52% class B-2 senior secured fixed-rate notes (Aa2/AA).
Dryden 44 Euro CLO also sold €23 million of class C mezzanine secured deferrable floating-rate notes (A2/A) at Euribor plus 320 bps; €18.7 million of class D mezzanine secured deferrable floating-rate notes (Baa2/BBB) at Euribor plus 430 bps; €28.1 million of class E mezzanine secured deferrable floating-rate notes (Ba2/BB) at Euribor plus 650 bps; €11.8 million of class F mezzanine secured deferrable floating-rate notes (B2/B-) at Euribor plus 855 bps and €43.4 million of subordinated notes.
Details
Proceeds will be used to redeem the refinanced 2018 notes, as this is the second refinancing of the 2016 transaction.
The €43.4 million of subordinated notes will remain outstanding.
The notes are primarily backed by senior secured loans and senior secured bonds.
PGIM Loan Originator Manager Ltd. will manage the CLO through its four-year reinvestment period with the portfolio expected to be fully ramped at closing.
The London-based firm is an affiliate of Prudential Financial, Inc.
| Issuer: | Dryden 44 Euro CLO 2015 BV
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| Amount: | €369.8 million
|
| Maturity: | April 17, 2034
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | PGIM Loan Originator Manager Ltd.
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| Announcement date: | Feb. 10
|
|
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| Class X-R-R notes
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| Amount: | €1.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 40 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1-R-R notes
|
| Amount: | €225.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2-R-R notes
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| Amount: | €16.2 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R-R notes
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| Amount: | €30 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 155 bps
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| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R-R notes
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| Amount: | €10 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.8%
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| Rating: | Moody's: Aa2
|
|
|
| Class C-1-R-R notes
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| Amount: | €14.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C-2-R-R notes
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| Amount: | €10 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.5%
|
| Rating: | Moody's: A2
|
|
|
| Class D-R-R notes
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| Amount: | €28.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 375 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R-R notes
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| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Euribor plus 620 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R-R notes
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| Amount: | €10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 830 bps
|
| Rating: | Moody's: B3
|
|
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