By Rebecca Melvin
New York, Jan. 23 – PGIM Inc. priced a new $402.6 million collateralized loan obligation offering on Wednesday, according to a market source.
Dryden 71 CLO, Ltd./Dryden 71 CLO, LLC sold $270 million of class A floating-rate notes (AAA) at Libor plus 115 basis points and $48.5 million of class B floating-rate notes (AA) at Libor plus 190 bps at the top of the capital stack.
The CLO also priced $22 million of class C floating-rate notes (A) at Libor plus 295 bps, $11.5 million of class D floating-rate notes (BBB-) at Libor plus 390 bps; $18 million of class E floating-rate notes (BB-) at Libor plus 620 bps and $32.6 million of subordinated notes.
Jefferies LLC was the placement agent.
PGIM will manage the CLO.
The CLO has a non-call period through July 15, 2019, and a reinvestment period through Jan. 15, 2020.
The notes are due Jan. 15, 2029.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
This is PGIM’s first dollar-denominated CLO for 2019; it priced six dollar CLOs in 2018.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
Issuer: | Dryden 71 CLO, Ltd./Dryden 71 CLO, LLC
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Amount: | $402.6 million
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Maturity: | Jan. 15, 2029
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Jefferies LLC
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Manager: | PGIM Ltd.
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Call feature: | Through July 15, 2019
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Pricing date: | Jan. 23
|
|
Class A notes
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Amount: | $270 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 115 bps
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Rating: | S&P: AAA
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Class B notes
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Amount: | $48.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 190 bps
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Rating: | S&P: AA
|
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Class C notes
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Amount: | $22 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 295 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $11.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 390 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $18 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 620 bps
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Rating: | S&P: BB-
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|
Equity
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Amount: | $32.6 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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