By Cristal Cody
Tupelo, Miss., Sept. 20 – Prudential Investment Management, Inc.’s asset management business PGIM, Inc. priced $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 CLO sold $320 million of class A floating-rate notes at a discount margin of Libor plus 120 basis points; $60 million of class B floating-rate notes at a discount margin of Libor plus 165 bps; $30 million of class C floating-rate notes at a discount margin of Libor plus 215 bps; $30 million class D floating-rate notes at a discount margin of Libor plus 310 bps; $20 million of class E floating-rate notes at a discount margin of Libor plus 630 bps and $50 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
PGIM is the CLO manager.
The CLO has 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.
PGIM has priced four new dollar-denominated CLOs year to date.
Newark, N.J.-based Prudential Investment Management priced three U.S. CLOs and refinanced two vintage U.S. CLOs in 2016.
| Issuer: | Dryden 54 Senior Loan Fund
|
| Amount: | $510 million
|
| Maturity: | Oct. 19, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | PGIM, Inc.
|
| Call feature: | Two years
|
| Pricing date: | Sept. 12
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 120 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 165 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 215 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 310 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 630 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $60 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
