PGIM markets $510 million of notes in new Dryden 54 Senior Loan Fund CLO offering

By Cristal Cody

Tupelo, Miss., Sept. 8 – Prudential Investment Management, Inc.’s asset management business, PGIM, Inc., plans to price $510 million of notes due Oct. 19, 2029 in the Dryden 54 Senior Loan Fund/Dryden 54 Senior Loan Fund LLC collateralized loan obligation deal, according to a market source.

The Rule 144A and Regulation S deal includes $320 million of class A floating-rate notes (//AAA); $60 million of class B floating-rate notes; $30 million of class C floating-rate notes; $30 million class D floating-rate notes; $20 million of class E floating-rate notes and $50 million of subordinated notes.

Goldman Sachs & Co. is the placement agent.

PGIM is the CLO manager.

The CLO will have a two-year non-call period and a five-year reinvestment period.

Proceeds from the transaction will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

Newark, N.J.-based Prudential Investment Management priced three U.S. CLOs and refinanced two vintage U.S. CLOs in 2016.

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