PGIM creates warehouse for Dryden 46 Euro CLO 2016 deal

By Cristal Cody

Eureka Springs, Ark., July 14 – PGIM Ltd. opened a warehouse for a new euro-denominated collateralized loan obligation offering via Barclays, according to a market source.

The Dryden 46 Euro CLO BV vehicle includes a senior funding facility (DBRS: A) and a mezzanine funding facility (DBRS: BBB) with a maximum warehouse of €300 million.

PGIM is the collateral manager.

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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