Chicago, Sept. 9 – PGIM, Inc. priced €418 million of notes due Oct. 15, 2032 in a refinancing of a vintage 2016 euro-denominated collateralized loan obligation, according to a market source.
Dryden 48 Euro CLO 2016 BV sold €1 million of class X-R senior secured floating-rate notes at Euribor plus 45 basis points; €220 million of class A-1-R senior secured floating-rate notes at Euribor plus 101 bps; €28 million of 1.47% class A-2-R senior secured fixed-rate notes, €25 million of class B-1-R senior secured floating-rate notes at Euribor plus 175 bps and €15 million of class B-2-R mezzanine secured 2.225% fixed-rate notes.
The issuer also sold €16 million of class C-1-R secured deferrable floating-rate notes at Euribor plus 280 bps; €15 million of class C-2-R secured deferrable floating-rate notes at Euribor plus 310 bps; €22 million of class D-R secured deferrable floating-rate notes at Euribor plus 425 bps; €23 million of class E-R secured deferrable floating-rate notes at Euribor plus 667 bps; €10 million of class F-R secured deferrable floating-rate notes at Euribor plus 886 bps and €43 million of subordinated notes.
BNP Paribas was the refinancing placement agent.
The refinanced CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to redeem the original notes.
The deal is collateralized mainly by senior secured loans and bonds.
PGIM is an investment management firm and a wholly owned subsidiary of PGIM Financial Ltd. based in Newark, N.J.
| Issuer: | Dryden 48 Euro CLO 2016 BV
|
| Amount: | €418 million refinancing
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Fixed-, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas
|
| Manager: | PGIM Ltd.
|
| Call feature: | Two years
|
| Pricing date: | Sept. 9
|
| Settlement date: | Oct. 15
|
|
|
| Class X-R notes
|
| Amount: | €1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Rating: | Not rated
|
|
|
| Class A-1-R notes
|
| Amount: | €220 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 101 bps
|
| Rating: | Not rated
|
|
|
| Class A-2-R notes
|
| Amount: | €28 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.47%
|
| Rating: | Not rated
|
|
|
| Class B-1-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | KBRA: AA (sf)
|
|
|
| Class B-2-R notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.225%
|
| Rating: | KBRA: AA (sf)
|
|
|
| Class C-1-R notes
|
| Amount: | €16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Rating: | KBRA: A (sf)
|
|
|
| Class C-2-R notes
|
| Amount: | €15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Rating: | KBRA: A (sf)
|
|
|
| Class D-R notes
|
| Amount: | €22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Rating: | KBRA: BBB (sf)
|
|
|
| Class E-R notes
|
| Amount: | €23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 667 bps
|
| Rating: | KBRA: BB- (sf)
|
|
|
| Class F-R notes
|
| Amount: | €10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 886 bps
|
| Rating: | KBRA: B- (sf)
|
|
|
| Subordinated notes
|
| Amount: | €43 million
|
| Securities: | Subordinated notes
|
| Rating: | Not rated
|
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