By Cristal Cody
Tupelo, Miss., July 12 – PGIM, Inc. priced €507,025,000 of notes due July 15, 2031 in a new euro-denominated collateralized loan obligation that closed on Thursday, according to a market source.
Dryden 62 Euro CLO 2017 BV sold €270 million of class A senior secured floating-rate notes at Euribor plus 78 basis points, €47.25 million of 2.1% class B senior secured fixed-rate notes, €5 million of class B-1 senior secured floating-rate notes at Euribor plus 125 bps and €37 million of 2.15% class B-2 senior secured fixed-rate notes.
The CLO priced €30,375,000 of class C mezzanine secured deferrable floating-rate notes at Euribor plus 170 bps; €22.5 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 270 bps; €32,625,000 of class E mezzanine secured deferrable floating-rate notes at Euribor plus 485 bps; €14,625,000 of class F mezzanine secured deferrable floating-rate notes at Euribor plus 645 bps and €47.65 million of subordinated notes.
The deal was upsized from an initial €415.1 million eight-tranche offering.
Barclays was the placement agent.
The CLO has a two-year non-call period and a 4.5-year reinvestment period.
Proceeds will be used to purchase a portfolio of mostly European senior secured leveraged loans and bonds.
PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 62 Euro CLO 2017 BV
|
| Amount: | €507,025,000
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | PGIM Ltd.
|
| Call feature: | Two years
|
| Settlement date: | July 12
|
|
|
| Class A notes
|
| Amount: | €270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 78 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €47.25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-1 notes
|
| Amount: | €5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | €37 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.15%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: Non-rated
|
|
|
| Class C notes
|
| Amount: | €30,375,000
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €22.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €32,625,000
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €14,625,000
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 645 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €47.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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