By Cristal Cody
Tupelo, Miss., Nov. 2 – PGIM, Inc. priced $509.35 million of notes due Jan. 17, 2032 in a new collateralized loan obligation deal, according to a market source on Friday.
Dryden 61 CLO, Ltd. sold $5 million of class X floating-rate notes at Libor plus 70 basis points, $315 million of class A-1 floating-rate notes at Libor plus 116 bps, $10 million of class A-2 floating-rate notes at Libor plus 140 bps and $55 million of class B floating-rate notes at Libor plus 165 bps.
The CLO also priced $23 million of class C floating-rate notes at Libor plus 205 bps, $27.5 million of class D floating-rate notes at Libor plus 300 bps, $29.5 million of class E floating-rate notes at Libor plus 540 bps, $6.5 million of class F floating-rate notes at Libor plus 827 bps and $37.85 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by first-lien senior secured loans.
Year to date, PGIM has priced seven new U.S. dollar-denominated CLOs.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 61 CLO, Ltd.
|
| Amount: | $509.35 million
|
| Maturity: | Jan. 17, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | PGIM Ltd.
|
| Call feature: | Two years
|
| Settlement date: | Nov. 29
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $315 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $29.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $6.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 827 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $37.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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