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Europe CLO primary action on way; CLO manager PGIM prepares new euro warehouse
By Cristal Cody
Eureka Springs, Ark., July 14 – European primary market action is expected to heat up in the weeks ahead with at least one CLO manager preparing to bring a deal post-Brexit, according to a market source on Thursday.
PGIM Ltd. opened a maximum €300 million warehouse for a new euro-denominated CLO transaction.
PGIM readies deal
PGIM opened the Dryden 46 Euro CLO BV warehouse via Barclays, according to a market source.
The vehicle includes a senior funding facility (DBRS: A) and a mezzanine funding facility (DBRS: BBB).
The warehouse will have a 12-month reinvestment period and a termination date of June 2031.
The warehouse is set up as a cash flow securitization, which will be collateralized by a portfolio of leveraged loans and high-yield bonds.
PGIM was last in the primary market with the €412.9 million Dryden 44 Euro CLO 2015 BV transaction on April 29.
The affiliate of Prudential Financial Inc. is based in London.
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