PGIM offers $510 million CLO; Redding Ridge preps firm’s second deal; secondary active

By Cristal Cody

Tupelo, Miss., Sept. 8 – Prudential Investment Management, Inc. and Redding Ridge Asset Management, LLC plan to price new CLOs.

Prudential Investment Management’s asset management business PGIM, Inc. is marketing a $510 million CLO.

Redding Ridge Asset Management, LLC is returning to the primary market to price a $501.58 million CLO, the firm’s second CLO offering since it was formed in 2016.

Year to date, new issue CLO volume totals about $62 billion, according to market sources.

In other activity, secondary trading volume has climbed over the week. On Thursday, $316.78 million of high-grade CBO/CDO/CLO issues and $72.11 million of non-investment-grade securities traded, Trace reported.

Wednesday’s session had $221.14 million of high-grade CBO/CDO/CLO issues trade, compared to $28.66 million of secondary volume on Tuesday.

Secondary trading in non-investment-grade securities totaled $43.56 million on Wednesday and $11 million during Tuesday’s session.

PGIM markets Dryden 54

PGIM plans to price $510 million of notes due Oct. 19, 2029 in the Dryden 54 Senior Loan Fund/Dryden 54 Senior Loan Fund LLC 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.

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

Redding Ridge to price

Redding Ridge Asset Management plans to price $501.58 million of notes due Oct. 15, 2029 in the RR 2 Ltd./RR 2 LLC transaction, according to a market source.

The deal is expected to include $277 million of class A-1a floating-rate notes (AAA); $20,305,000 of class A-1b floating-rate notes (non-rated); $61 million of class A-2 floating-rate notes (AA); $41.9 million of class B floating-rate notes (A); $33.65 million of class C floating-rate notes (BBB-); $18.9 million of class D floating-rate notes (BB-) and $48,825,000 of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

Redding Ridge Asset Management announced in August that it closed on the debut $700 million RR 1 Ltd. transaction, which was a refinancing and reset of the ALM X Ltd./ALM X LLC deal originally issued in January 2014 by Apollo Credit Management LLC.

New York City-based Redding Ridge is an asset management company that was established in 2016 by Apollo Global Management, LLC.

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