By Cristal Cody
Tupelo, Miss., May 17 – PGIM, Inc. priced $563.25 million of notes due April 15, 2031 in the new Dryden 55 CLO Ltd./Dryden 55 CLO LLC deal, according to a market source.
The CLO sold $5.5 million of class X floating-rate notes at Libor plus 60 basis points, $332.5 million of class A-1 floating-rate notes at Libor plus 102 bps, $20.75 million of class A-2 floating-rate notes at Libor plus 125 bps and $72 million of class B floating-rate notes at Libor plus 155 bps.
Dryden 55 also priced $29.5 million of class C deferrable floating-rate notes at Libor plus 190 bps; $33 million of class D deferrable floating-rate notes at Libor plus 285 bps; $18 million of class E deferrable floating-rate notes at Libor plus 540 bps; $11 million of class F deferrable floating-rate notes at Libor plus 720 bps and $41 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated senior secured loans.
PGIM has priced two new U.S. dollar-denominated CLOs and refinanced one vintage CLO year to date.
The asset management firm, part of Newark, N.J.-based Prudential Investment Management, Inc., refinanced four vintage dollar-denominated CLOs in 2017.
| Issuer: | Dryden 55 CLO Ltd./Dryden 55 CLO LLC
|
| Amount: | $563.25 million
|
| Maturity: | April 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | PGIM, Inc.
|
| Call feature: | Two years
|
| Pricing date: | May 9
|
| Settlement date: | June 5
|
|
|
| Class X notes
|
| Amount: | $5.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $332.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $72 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $29.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $11 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $41 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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