PGIM to price €418.8 million notes in nine-part Dryden 46 Euro CLO 2016 offering

By Cristal Cody

Eureka Springs, Ark., Sept. 12 – PGIM Ltd. plans to price €418.8 million notes due Jan. 15, 2030 in the Dryden 46 Euro CLO BV transaction, according to additional details from a market source on Monday.

The deal is expected to include €208.5 million of class A-1 senior secured floating-rate notes (Aaa/AAA); €31.5 million of class A-2 senior secured fixed-rate notes (Aaa/AAA); €38.05 million of class B-1 senior secured floating-rate notes (Aa2/AA); €12.95 million of class B-2 senior secured fixed-rate notes (Aa2/AA); €22.6 million of class C mezzanine secured deferrable floating-rate notes (A2/A); €21.4 million of class D mezzanine secured deferrable floating-rate notes (Baa2/BBB); €23.9 million of class E mezzanine secured deferrable floating-rate notes (Ba2/BB); €11.8 million of class F mezzanine secured deferrable floating-rate notes (B2/B-) and €48.1 million of subordinated notes.

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 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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