By Cristal Cody
Tupelo, Miss., July 23 – PGIM, Inc. priced $63 million of notes due July 20, 2029 in a refinancing of two tranches from the Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC deal, according to a market source and a notice of executed first supplemental indenture on Friday.
The CLO sold $33 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 310 basis points and $30 million of class E-R junior secured deferrable floating-rate notes at Libor plus 610 bps.
BNP Paribas Securities Corp. was the refinancing placement agent.
In the original $612.32 total CLO offering issued Aug. 22, 2016, the CLO priced the $33 million of class D floating-rate notes at Libor plus 410 bps and $30 million of class E floating-rate notes at Libor plus 725 bps.
Proceeds will be used to redeem the original class D and E notes.
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 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC
|
| Amount: | $63 million
|
| Maturity: | July 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM, Inc.
|
| Settlement date: | July 20
|
|
|
| Class D-R notes
|
| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
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| Amount: | $30 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | Moody’s: Ba3
|
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