By Cristal Cody
Tupelo, Miss., July 27 – PGIM, Inc. priced £335,761,000 of notes due Oct. 15, 2032 in a new sterling-denominated collateralized loan obligation, according to a market source on Friday.
The Dryden 63 BGP CLO 2018 BV offering included £171 million of class A-1 senior secured floating-rate notes; £9 million of class A-2 senior secured fixed-rate notes; £29.1 million of class B-1 senior secured floating-rate notes; £14.4 million of class B-2 senior secured fixed-rate notes; £17.3 million of class C-1 mezzanine secured deferrable floating-rate notes; £911,000 of class C-2 mezzanine secured deferrable fixed-rate notes; £16.45 million of class D mezzanine secured deferrable floating-rate notes; £23.8 million of class E mezzanine secured deferrable floating-rate notes; £11.4 million of class F mezzanine secured deferrable floating-rate notes and £42.4 million of subordinated notes.
Final pricing details were not immediately available.
NatWest markets plc and GreensLedge Capital Markets Europe LLC were the underwriters.
The deal is collateralized mainly by senior secured corporate loans and senior secured bonds.
PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 63 GBP CLO 2018 BV
|
| Amount: | £335,761,000
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agents: | NatWest markets plc and GreensLedge Capital Markets Europe LLC
|
| Manager: | PGIM, Inc.
|
| Call feature: | Two years
|
| Pricing date: | July 27
|
| Settlement date: | Sept. 17
|
|
|
| Class A-1 notes
|
| Amount: | £171 million
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | £9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | £29.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | £14.4 million
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | £17.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
|
| Amount: | £911,000
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | £16.45 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Baa2
|
| S&P: A
|
|
|
| Class E notes
|
| Amount: | £23.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Ba2
|
| S&P: BBB
|
|
|
| Class F notes
|
| Amount: | £11.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Ratings: | Moody’s: B2
|
| S&P: BB-
|
|
|
| Equity
|
| Amount: | £42.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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