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
|
| Amount: | $402.6 million
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | PGIM Ltd.
|
| Call feature: | Through July 15, 2019
|
| Pricing date: | Jan. 23
|
|
|
| Class A notes
|
| Amount: | $270 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $11.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 620 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $32.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
