By Cristal Cody
Tupelo, Miss., June 7 – PGIM Ltd. priced €415.7 million of notes due Aug. 15, 2031 in a new euro-denominated collateralized loan obligation deal, according to market sources.
Dryden 52 Euro CLO 2017 BV sold €237.1 million of class A senior secured floating-rate notes at Euribor plus 92 basis points, €21 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps and €31.6 million of 2% class B-2 senior secured fixed-rate notes.
The CLO priced €16.4 million of class C-1 mezzanine secured deferrable floating-rate notes at Euribor plus 210 bps; €10.6 million of 2.85% class C-2 mezzanine secured deferrable fixed-rate notes; €20 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 320 bps; €22 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 590 bps; €12.5 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 815 bps and €44.5 million of subordinated notes.
Goldman Sachs International was the placement agent.
PGIM will manage the CLO.
The notes have a two-year non-call period and a four-year reinvestment period.
The deal is collateralized mainly by secured senior loans and senior secured bonds.
PGIM has priced three new European CLOs and refinanced two vintage euro-denominated CLOs year to date.
In 2016, PGIM priced two euro-denominated CLOs and refinanced one vintage CLO.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 52 Euro CLO 2017 BV
|
| Amount: | €415.7 million
|
| Maturity: | Aug. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | PGIM Ltd.
|
| Call feature: | Aug. 15, 2019
|
| Pricing date: | June 1
|
| Settlement date: | July 25
|
|
|
| Class A notes
|
| Amount: | €237.1 million
|
| Coupon: | Euribor plus 92 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €21 million
|
| Coupon: | Euribor plus 150 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €31.6 million
|
| Coupon: | 2%
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | €16.4 million
|
| Coupon: | Euribor plus 210 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | €10.6 million
|
| Coupon: | 2.85%
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €20 million
|
| Coupon: | Euribor plus 320 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €22 million
|
| Coupon: | Euribor plus 590 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €12.5 million
|
| Coupon: | Euribor plus 815 bps
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €44.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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