By Cristal Cody
Tupelo, Miss., Feb. 5 – Prudential Investment Management, Inc.’s asset management business, PGIM, Inc., priced $423.09 million of notes due May 15, 2031 in the Dryden 57 CLO, Ltd./Dryden 57 CLO, LLC transaction, according to a market source on Monday.
The CLO sold $4 million of class X floating-rate notes at Libor plus 60 basis points; $269.75 million of class A floating-rate notes at Libor plus 101 bps; $45.65 million of class B floating-rate notes at Libor plus 135 bps; $24.9 million of class C floating-rate notes at Libor plus 170 bps; $24.9 million class D floating-rate notes at Libor plus 255 bps; $16.6 million of class E floating-rate notes at Libor plus 520 bps and $37.29 million of subordinated notes.
Deutsche Bank Securities Inc. 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 will be used to purchase a portfolio of mostly senior secured leveraged loans.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
PGIM, part of Newark, N.J.-based Prudential Investment Management, refinanced four vintage dollar-denominated CLOs in 2017.
| Issuer: | Dryden 57 CLO, Ltd./Dryden 57 CLO, LLC
|
| Amount: | $423.09 million
|
| Maturity: | May 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | PGIM, Inc.
|
| Call feature: | Two years
|
| Settlement date: | March 15
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $269.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 101 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $45.65 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $16.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $37.29 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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