PGIM offers $510.35 million notes in new Dryden 65 CLO transaction

By Cristal Cody

Tupelo, Miss., Aug. 22 – PGIM, Inc. plans to price $510.35 million of notes due July 18, 2030 in the new Dryden 65 CLO Ltd./Dryden 65 CLO LLC deal, according to a market source.

The deal includes $310 million of class A-1 floating-rate notes (/AAA/); $15 million of class A-2 floating-rate notes (/non-rated/); $56 million of class B floating-rate notes (/AA/); $32 million of class C deferrable floating-rate notes (/A/); $29 million of class D deferrable floating-rate notes (/BBB-/); $17 million of class E deferrable floating-rate notes (/BB-/) and $51.35 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

The CLO has a two-year non-call period and a five-year reinvestment period.

The issue is collateralized primarily by broadly syndicated senior secured loans.

The transaction is expected to close on Oct. 9.

PGIM has issued five new U.S. dollar-denominated CLOs year to date.

The asset management firm is part of Newark, N.J.-based Prudential Investment Management, Inc.

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