By Cristal Cody
Tupelo, Miss., Sept. 27 – PGIM, Inc. priced $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 CLO placed $310 million of class A-1 floating-rate notes (AAA/) at Libor plus 113 basis points; $15 million of class A-2 floating-rate notes (non-rated) at Libor plus 140 bps; $56 million of class B floating-rate notes (AA/) at Libor plus 160 bps; $32 million of class C deferrable floating-rate notes (A/) at Libor plus 210 bps; $29 million of class D deferrable floating-rate notes (BBB-/) at Libor plus 310 bps; $17 million of class E deferrable floating-rate notes (BB-/) at Libor plus 575 bps and $51.35 million of subordinated notes.
Citigroup Global Markets Inc. was 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.
PGIM has issued six new U.S. dollar-denominated CLOs year to date.
The asset management firm is part of Newark, N.J.-based Prudential Investment Management, Inc.
| Issuer: | Dryden 65 CLO Ltd./Dryden 65 CLO LLC
|
| Amount: | $510.35 million
|
| Maturity: | July 18, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | PGIM, Inc.
|
| Call feature: | Two years
|
| Pricing date: | Aug. 29
|
| Settlement date: | Oct. 9
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $29 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $51.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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