By Cristal Cody
Eureka Springs, Ark., Sept. 26 – PGIM Ltd. sold €471.18 million notes due Jan. 15, 2030 in the Dryden 46 Euro CLO BV transaction, according to a market source.
The CLO priced €236.5 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Euribor plus 118 basis points; €33.5 million of 1.33% class A-2 senior secured fixed-rate notes (Aaa/AAA/); €44.51 million of class B-1 senior secured floating-rate notes (Aa2/AA/) at Euribor plus 180 bps; €12.87 million of 2% class B-2 senior secured fixed-rate notes (Aa2/AA/); €25.43 million of class C mezzanine secured deferrable floating-rate notes (A2/A/) at Euribor plus 275 bps; €24.08 million of class D mezzanine secured deferrable floating-rate notes (Baa2/BBB/) at Euribor plus 355 bps; €26.9 million of class E mezzanine secured deferrable floating-rate notes (Ba2/BB/) at Euribor plus 575 bps; €13.28 million of class F mezzanine secured deferrable floating-rate notes (B2/B-/) at Euribor plus 800 bps and €54.11 million of subordinated notes.
Barclays was 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.
PGIM has priced two euro-denominated CLOs year to date.
The affiliate of Prudential Financial Inc. is based in London.
| Issuer: | Dryden 46 Euro CLO BV
|
| Amount: | €471.18 million
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | PGIM Ltd.
|
| Call feature: | Jan. 15, 2019
|
| Pricing date: | Sept. 16
|
| Settlement date: | Nov. 4
|
|
|
| Class A-1 notes
|
| Amount: | €236.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 118 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €33.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.33%
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €44.51 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €12.87 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €25.43 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €24.08 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €26.9 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €13.28 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 800 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €54.11 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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