Chicago, April 29 – PGIM, Inc. refinance $622.6 million of notes from the Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC deal, according to a notice.
The maturity date has been pushed to April 20, 2034 from July 20, 2029.
The transaction now has $416.7 million of class A-R2 senior secured floating-rate notes at Libor plus 104 basis points and $58.1 million of class B-1-R2 senior secured floating-rate notes at Libor plus 160 bps, $20 million of class B-2-R2 3.09% senior secured fixed-rate notes.
There are also $39.1 million of class C-R2 mezzanine secured deferrable floating-rate notes at Libor plus 180 bps, $39 million of class D-R3 mezzanine secured deferrable floating-rate notes at Libor plus 325 bps and $26 million of class E-R3 junior secured deferrable floating-rate notes at Libor plus 640 bps.
An additional $23.7 million of subordinated notes are part of the CLO.
This is an addition to the original $55.5 million of subordinated notes that will remain outstanding.
PGIM is still managing the portfolio through the extended five-year reinvestment period.
Collateral for the notes primarily comes from first-lien senior secured loans and eligible investments.
The CLO has previously been refinanced.
In the last refinancing, the CLO sold $2.4 million of class X-R amortizing senior secured floating-rate notes at Libor plus 60 bps; $381 million of class A-R senior secured floating-rate notes at Libor plus 114 bps; $75 million of class B-R senior secured floating-rate notes at Libor plus 175 bps; $33 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 240 bps; $33 million of class D-RR mezzanine secured deferrable floating-rate notes at Libor plus 355 bps and $30 million of class E-RR junior secured deferrable floating-rate notes at Libor plus 670 bps.
The original CLO had $612.32 million offering issued Aug. 22, 2016, the CLO priced $4.8 million of class X floating-rate notes at Libor plus 190 bps; $381 million of class A floating-rate notes at Libor plus 154 bps; $75 million of class B floating-rate notes at Libor plus 200 bps; $33 million of class C floating-rate notes at Libor plus 270 bps; $33 million of class D floating-rate notes at Libor plus 410 bps; $30 million of class E floating-rate notes at Libor plus 725 bps and $55.52 million of subordinated notes.
The CLO was also partially refinanced on July 20, 2018. In that reprint, the CLO priced $33 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 310 bps and $30 million of class E-R junior secured deferrable floating-rate notes at Libor plus 610 bps.
Goldman Sachs & Co. LLC is the placement agent.
The notes can be called after April 20, 2023.
The asset management firm is part of Newark, N.J.-based Prudential Investment Management, Inc.
Issuer: | Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC
|
Issue: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Amount: | $622.6 million
|
Maturity: | April 20, 2034
|
Agent: | Goldman Sachs & Co. LLC
|
Manager: | PGIM, Inc.
|
Call: | April 20, 2023
|
Announcement date: | April 20
|
Settlement date: | April 20
|
|
Class A-R2 notes
|
Amount: | $416.7 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 104 bps
|
Ratings: | Moody's: Aaa
|
| S&P: AAA
|
|
Class B-1-R2 notes
|
Amount: | $58.1 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 160 bps
|
Rating: | S&P: AA
|
|
Class B-2-R2 notes
|
Amount: | $20 million
|
Securities: | Senior secured fixed-rate notes
|
Coupon: | 3.09%
|
Rating: | S&P: AA
|
|
Class C-R2 notes
|
Amount: | $39.1 million
|
Securities: | Mezzanine secured deferrable floating-rate notes
|
Coupon: | Libor plus 180 bps
|
Rating: | S&P: A
|
|
Class D-R3 notes
|
Amount: | $39 million
|
Securities: | Mezzanine secured deferrable floating-rate notes
|
Coupon: | Libor plus 325 bps
|
Rating: | S&P: BBB-
|
|
Class E-R3 notes
|
Amount: | $26 million
|
Securities: | Junior secured deferrable floating-rate notes
|
Coupon: | Libor plus 640 bps
|
Rating: | S&P: BB-
|
|
Subordinated notes
|
Amount: | $23.7 million
|
Securities: | Subordinated notes
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.