By Cristal Cody
Tupelo, Miss., Dec. 23 – PGIM, Inc. priced $10.6 million of notes due Jan. 16, 2032 in a partial refinancing of a 2018 collateralized loan obligation offering, according to a notice of proposed supplemental indenture.
Dryden 70 CLO, Ltd./Dryden 70 CLO, LLC sold $10.6 million of 2.25% class A-2BR fixed-rate notes.
In the original $506.35 million deal issued Dec. 27, 2018, the CLO priced $10.6 million of 4.311% class A-2B fixed-rate notes.
Barclays was the placement agent on the original offering.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans.
Proceeds will be used to redeem the class A-2B notes.
The investment management firm is a subsidiary of Newark-based Prudential Financial Inc.
| Issuer: | Dryden 70 CLO, Ltd./Dryden 70 CLO, LLC
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| Amount: | $10.6 million refinancing
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| Maturity: | Jan. 16, 2032
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| Securities: | Fixed-rate notes
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| Structure: | Cash flow CLO
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| Manager: | PGIM Ltd.
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| Coupon: | 2.25%
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| Settlement date: | Jan. 19
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| Ratings: | Fitch: AAA expected
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| Distribution: | Rule 144A and Regulation S
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