PGIM offers €415.1 million notes in eight tranches in new Dryden 62 Euro CLO

By Cristal Cody

Tupelo, Miss., May 10 – PGIM, Inc. plans to price €415.1 million of notes due July 15, 2031 in a new euro-denominated collateralized loan obligation, according to a market source.

The Dryden 62 Euro CLO 2017 BV offering includes €240 million of class A floating-rate notes (//AAA); €5 million of class B-1 floating-rate notes (//AA); €37 million of class B-3 fixed-rate notes (//AA); €27 million of class C floating-rate notes (//A); €20 million of class D floating-rate notes (//BBB); €29 million of class E floating-rate notes (//BB); €13 million of class F floating-rate notes (//B-) and €44.1 million of subordinated notes.

Barclays is the placement agent.

Proceeds will be used to purchase a portfolio of mostly European senior secured leveraged loans and bonds.

The deal is expected to close July 12.

PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.

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