By Cristal Cody
Tupelo, Miss., May 22 – PGIM, Inc. priced €364.02 million of notes due Jan. 15, 2030 in a refinancing of a vintage 2016 euro-denominated collateralized loan obligation, according to a market source.
Dryden 46 Euro CLO 2016 BV sold €236.5 million of class A-1-R senior secured floating-rate notes at Euribor plus 88 basis points, €33.5 million of 1.25% class A-2-R senior secured fixed-rate notes, €44.51 million of class B-1-R senior secured floating-rate notes at Euribor plus 170 bps, €25.43 million of class C-R mezzanine secured deferrable floating-rate notes at Euribor plus 240 bps and €24.08 million of class D-R mezzanine secured deferrable floating-rate notes at Euribor plus 330 bps.
Citigroup Global Markets Ltd. was the refinancing placement agent.
The refinanced CLO has a one-year non-call period and a 1.5-year reinvestment period.
In the original €471.18 million transaction issued Oct. 28, 2016, the CLO sold €236.5 million of class A-1 senior secured floating-rate notes at Euribor plus 118 bps; €33.5 million of 1.33% class A-2 senior secured fixed-rate notes; €44.51 million of class B-1 senior secured floating-rate notes at Euribor plus 180 bps; €12.87 million of 2% class B-2 senior secured fixed-rate notes; €25.43 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 275 bps; €24.08 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 355 bps; €26.9 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 575 bps; €13.28 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 800 bps and €54.11 million of subordinated notes.
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 part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 46 Euro CLO 2016 BV
|
| Amount: | €364.02 million refinancing
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Ltd.
|
| Manager: | PGIM Ltd.
|
| Call feature: | One year
|
| Pricing date: | May 17
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | €236.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 88 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2-R notes
|
| Amount: | €33.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.25%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1-R notes
|
| Amount: | €44.51 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €25.43 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | €24.08 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Rating: | Moody’s: Baa2
|
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