By Cristal Cody
Tupelo, Miss., March 27 – PGIM Ltd. sold €416.38 million of notes due July 15, 2030 in a new European collateralized loan obligation offering, according to a market source.
Dryden 51 Euro CLO 2017 BV priced €205.5 million of class A-1 senior secured floating-rate notes at Euribor plus 85 basis points, €31.58 million of 1.34% class A-2 senior secured fixed-rate notes, €31.5 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps and €21.05 million of 2.13% class B-2 senior secured fixed-rate notes.
The CLO also sold €27 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 215 bps, €20 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 305 bps, €22 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 490 bps, €12.5 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 650 bps and €45.25 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
PGIM will manage the CLO.
The CLO is non-callable until July 15, 2019. The reinvestment period ends July 15, 2021.
The deal is collateralized primarily by senior secured loans and senior secured bonds.
PGIM has priced one new European CLO and refinanced one vintage CLO year to date.
The CLO manager priced two euro-denominated CLOs and refinanced one deal in 2016.
London-based PGIM is the asset management arm of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 51 Euro CLO 2017 BV
|
| Amount: | €416.38 million
|
| Maturity: | July 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | PGIM Ltd.
|
| Call feature: | July 15, 2019
|
| Pricing date: | March 24
|
| Settlement date: | May 17
|
|
|
| Class A-1 notes
|
| Amount: | €205.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €31.58 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.34%
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €31.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €12.05 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.13%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €20 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 305 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €22 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 490 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €12.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €45.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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