By Cristal Cody
Eureka Springs, Ark., Oct. 13 – Prudential Investment Management, Inc. affiliate PGIM, Inc. refinanced $503.4 million of notes due Jan. 15, 2025 in a vintage 2012 collateralized loan obligation deal, according to a market source.
Dryden XXV Senior Loan Fund priced $386.4 million of class A-R floating-rate notes at Libor plus 120 basis points; $46 million of class B-1-R floating-rate notes at Libor plus 170 bps; $23 million of class B-2-R floating-rate notes at Libor plus 170 bps and $48 million class C-R floating-rate notes at Libor plus 250 bps.
Morgan Stanley & Co. LLC was the refinancing agent.
PGIM is the CLO manager.
Proceeds will be used to redeem the original notes.
The CLO originally priced the class A notes at Libor plus 138 bps; the class B-1 notes at Libor plus 225 bps; the class B-2 fixed-rate notes with a 3.67% coupon; and the class C notes at Libor plus 300 bps.
The deal’s $29.4 million of class D notes and $25.2 million of class E notes will remain outstanding.
Prudential Investment Management has priced three U.S. CLOs and refinanced one vintage CLO year to date.
The primary asset management business of Newark, N.J.-based Prudential Financial Inc. priced four CLO deals in 2015.
| Issuer: | Dryden XXV Senior Loan Fund
|
| Amount: | $503.4 million refinancing
|
| Maturity: | Jan. 15, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | PGIM, Inc.
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 17
|
|
|
| Class A-R notes
|
| Amount: | $386 million
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $46 million
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $23 million
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $48 million
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
