By Cristal Cody
Eureka Springs, Ark., Sept. 13 – Prudential Investment Management, Inc. sold $659.1 million of notes due July 20, 2027 in a collateralized loan obligation deal, according to details from a market source.
Dryden 45 Senior Loan Fund/Dryden 45 Senior Loan Fund LLC priced $403 million of class A senior secured floating-rate notes at par with a coupon of Libor plus 145 basis points.
The CLO sold $88.4 million of class B senior secured floating-rate notes at par with a coupon of Libor plus 180 bps.
Dryden 45 priced $46.15 million of class C senior secured deferrable floating-rate notes at par with a coupon of Libor plus 240 bps.
The $32.5 million class D tranche of senior secured deferrable floating-rate notes priced at 99.96 with a coupon of Libor plus 385 bps.
The CLO sold $27.95 million of class E senior secured deferrable floating-rate notes at 96.01 with a coupon of Libor plus 685 bps.
The deal included $61.1 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
Prudential affiliate PGIM, Inc. will manage the CLO.
The CLO has a three-year non-call period and a 4˝-year reinvestment period.
The offering is collateralized primarily by first-lien senior secured corporate loans.
Prudential Investment Management has priced three U.S. CLO deals this year to date.
The primary asset management business of Newark, N.J.-based Prudential Financial Inc. priced four CLO deals in 2015.
| Issuer: | Dryden 45 Senior Loan Fund/Dryden 45 Senior Loan Fund LLC
|
| Amount: | $659.1 million
|
| Maturity: | July 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | PGIM, Inc.
|
| Call feature: | Three years
|
| Pricing date: | Aug. 23
|
| Settlement date: | Sept. 14
|
|
|
| Class A notes
|
| Amount: | $403 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $88.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C notes
|
| Amount: | $46.15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Price: | 99.96
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27.95 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Price: | 96.01
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $61.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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