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PGIM prices $563.25 million CLO; Madison Capital prices; middle-market volume strong
By Cristal Cody
Tupelo, Miss., May 17 – PGIM, Inc. tapped the U.S. CLO primary market with a new $563.25 million deal.
The CLO manager also is expected to price €415.1 million of notes in the Dryden 62 Euro CLO 2017 BV offering that is set to close July 12.
In other pricing action, Madison Capital Funding LLC sold $325.9 million of notes in a new middle-market CLO deal.
“MM CLOs keep printing,” Morgan Stanley & Co. LLC analysts said in a note released Thursday.
Year to date, more than $6 billion of middle-market CLOs have priced, “by far outsizing 2017 MM CLO volumes of $4.8 [billion] over the same time period,” the analysts said.
The spread basis for senior middle-market CLO tranches remains anchored, but As have widened 10 basis points and BBs have moved out as much as 40 bps, according to the note.
PGIM prints Dryden 55
PGIM 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 $332.5 million of class A-1 floating-rate notes at Libor plus 102 bps at the top of the capital stack.
Citigroup Global Markets Inc. was the placement agent.
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.
Madison Capital sells CLO
Madison Capital Funding priced $325.9 million of notes due July 18, 2030 in the middle-market MCF CLO VIII LLC deal, according to a market source.
MCF CLO VIII sold $157.5 million of class A-1 floating-rate notes at Libor plus 137 bps in the senior tranche.
Natixis Securities Americas LLC arranged the offering.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
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