PGIM plans nine-tranche Dryden 46 Euro CLO 2016 offering via Barclays

By Cristal Cody

Eureka Springs, Ark., Sept. 9 – PGIM Ltd. is readying to bring the Dryden 46 Euro CLO BV transaction to the primary market after opening a warehouse for the deal in July, according to a market source on Friday.

The deal is expected to include nine tranches of notes due Jan. 15, 2030, which includes class A-1 floating-rate notes, class A-2 fixed-rate notes, class B-1 floating-rate notes, class B-2 fixed-rate notes, class C floating-rate notes, class D floating-rate notes, class E floating-rate notes, class F floating-rate notes and subordinated notes as equity.

Barclays is the placement agent.

PGIM will manage the CLO.

The notes have a non-call period ending Jan. 15, 2019 and a reinvestment period ending Jan. 15, 2021.

The deal is collateralized mainly by senior secured loans and bonds.

The offering is expected to close on Nov. 4.

PGIM’s warehouse for the transaction included a senior funding facility (DBRS: A) and a mezzanine funding facility (DBRS: BBB) with a maximum warehouse of €300 million. The warehouse has a 12-month reinvestment period and a termination date of June 2031.

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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