By Cristal Cody
Tupelo, Miss., July 30 – PGIM, Inc. priced £335,861,000 of notes due Oct. 15, 2032 in a new sterling-denominated collateralized loan obligation on Friday, according to additional details from a market source.
Dryden 63 GBP CLO 2018 BV sold £171 million of class A-1 senior secured floating-rate notes at Libor plus 125 basis points.
The CLO also priced £29.1 million of class B-1 senior secured floating-rate notes at Libor plus 210 bps; £17.3 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 290 bps; £16.45 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 450 bps; £23.8 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 660 bps; £11.4 million of class F mezzanine secured deferrable floating-rate notes at Libor plus 840 bps and £42.5 million of subordinated notes.
In addition, the deal included £9 million of class A-2 senior secured fixed-rate notes, £14.4 million of class B-2 senior secured fixed-rate notes and £911,000 of class C-2 mezzanine secured deferrable fixed-rate notes.
NatWest markets plc and GreensLedge Capital Markets Europe LLC were the underwriters.
The CLO is collateralized primarily 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: | £335,861,000
|
| 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
|
| Coupon: | Libor plus 125 bps
|
| 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
|
| Coupon: | Libor plus 210 bps
|
| 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
|
| Coupon: | Libor plus 290 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| 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
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | £23.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | £11.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 840 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | £42.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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