By Cristal Cody
Tupelo, Miss., Nov. 17 – Prudential Investment Management, Inc.’s asset management business, PGIM, Inc., priced $478,026,500 of notes in a refinancing and reset of the Dryden 30 Senior Loan Fund/Dryden 30 Senior Loan Fund LLC deal, according to a market source and a notice of executed supplemental indenture on Thursday.
The CLO sold $6 million of class X floating-rate notes at Libor plus 60 basis points; $322 million of class A-R floating-rate notes at Libor plus 82 bps; $58 million of class B-R floating-rate notes at Libor plus 125 bps; $38 million of class C-R floating-rate notes at Libor plus 170 bps; $27.25 million class D-R floating-rate notes at Libor plus 260 bps; $16.25 million of class E-R floating-rate notes at Libor plus 575 bps and $6.25 million of class F-R floating-rate notes at Libor plus 725 bps.
The deal also included $4,276,500 of subordinated notes, which are in addition to the outstanding $43.25 million of subordinated notes issued in the original transaction on Oct. 10, 2013.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
PGIM will manage the refinanced CLO.
The maturity on the refinanced notes was extended to Nov. 15, 2028 from the original Nov. 15, 2025 maturity.
The reset CLO has a one-year non-call period and a three-year reinvestment period.
Proceeds were used to redeem the original notes.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
PGIM has refinanced four vintage dollar-denominated CLOs year to date.
Newark, N.J.-based Prudential Investment Management refinanced two vintage CLOs in 2016.
| Issuer: | Dryden 30 Senior Loan Fund/Dryden 30 Senior Loan Fund LLC
|
| Amount: | $478,026,500 refinancing
|
| Maturity: | Nov. 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | PGIM, Inc.
|
| Call feature: | November 2018
|
| Settlement date: | Nov. 15
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $322 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 82 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $6.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $4,276,500
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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