PGIM closes on new €507 million CLO; Blackstone/GSO resets €549.75 million 2014 notes

By Cristal Cody

Tupelo, Miss., July 12 – In the European market, deal details emerged on a new CLO issue and a vintage 2014 CLO reset.

In the new offering, PGIM, Inc. priced €507 million of notes in the transaction.

Looking at the reset deal, Blackstone/GSO Debt Funds Management Europe Ltd. sold €549.75 million of notes.

More than €14 billion of new European CLOs have priced year to date, while another €10 billion of vintage CLOs have been refinanced and/or reset, according to market sources.

PGIM prices Dryden 62

PGIM priced €507,025,000 of notes due July 15, 2031 in nine tranches in the new deal 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 at the top of the capital stack.

The deal was upsized from an initial €415.1 million eight-tranche offering.

Barclays was the placement agent.

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

Blackstone/GSO refinances

Blackstone/GSO Debt Funds Management Europe priced €549.75 million of notes in a refinancing and reset of the Richmond Park CLO DAC transaction, according to market sources and a notice to noteholders on Thursday.

The CLO priced €321.9 million of class A senior secured floating-rate notes at par to yield Euribor plus 75 bps in the senior tranche.

BNP Paribas Securities Corp. was the refinancing placement agent.

The maturity on the notes was extended to July 14, 2031 from the original Jan. 14, 2027 maturity.

The original €615.69 million transaction was priced Dec. 4, 2013 and issued on Jan. 9, 2014.

Dublin-based Blackstone/GSO Debt Funds Management Europe is a subsidiary of asset manager GSO Capital Partners LP.

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