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PGIM prices $506.35 million CLO; Credit Suisse Asset wraps $816.7 million deal
By Cristal Cody
Tupelo, Miss., Dec. 12 – Details emerged on two new dollar-denominated CLO transactions priced in the broadly syndicated primary market.
PGIM, Inc. sold $506.5 million of notes on Friday in the firm’s sixth dollar-denominated CLO offering priced in 2018.
Meanwhile, Credit Suisse Asset Management, LLC closed Wednesday on an $816.7 million CLO transaction. CSAM has priced five new issue CLOs this year.
More than $110 billion of new issue CLOs have priced year to date, according to market sources.
In its deal, PGIM priced $506.5 million of notes due Jan. 16, 2032 in the CLO offering on Friday, according to a market source.
Dryden 70 CLO, Ltd./Dryden 70 CLO, LLC sold $297 million of class A-1 floating-rate notes at Libor plus 117 basis points at the top of the capital stack.
Barclays was the placement agent.
Meanwhile, Credit Suisse Asset Management sold $816.7 million of notes due Jan. 23, 2031 in the Madison Park Funding XXXI Ltd./Madison Park Funding XXXI LLC transaction, according to a market source.
The CLO priced the $456 million tranche of class A-1 floating-rate notes at Libor plus 116 bps.
BofA Merrill Lynch was the placement agent.
The notes are collateralized primarily by broadly syndicated senior secured loans.
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