Chicago, March 24 – PGIM, Inc. announced a second refinancing for $528.8 million of the Dryden 75 CLO, Ltd./Dryden 75 CLO, LLC collateralized loan obligation transaction, according to a pre-sale report.
The maturity date has been shifted back to April 15, 2034 from July 15, 2030 in the refinancing.
The portfolio now includes $336 million of class A-R2 senior secured floating-rate notes at Libor plus 104 basis points, $63 million of class B-R2 senior secured floating-rate notes at Libor plus 140 bps, $34.15 million of class C-R2 senior secured deferrable floating-rate notes at Libor plus 180 bps, $28.85 million of class D-R2 senior secured deferrable floating-rate notes at Libor plus 310 bps, $21 million of class E-R2 senior secured deferrable floating-rate notes at Libor plus 660 bps and $45.8 million of subordinated notes.
Jefferies LLC is the initial purchaser of the notes.
PGIM is going to continue to manage the portfolio through the end of the extended reinvestment period on April 15, 2026.
The notes can be called starting April 1, 2023.
In the last refinancing, the CLO priced $341.25 million of class A-R floating-rate notes at Libor plus 120 bps and $57.75 million of class B-R floating-rate notes at Libor plus 170 bps.
The CLO also priced $31.5 million of class C-R deferrable floating-rate notes at Libor plus 240 bps, $28.75 million of class D-R deferrable floating-rate notes at Libor plus 355 bps, $23.75 million of class E-R deferrable floating-rate notes at Libor plus 658 bps and $42.63 million of subordinated notes.
In the original $428.79 million offering, the CLO issued $286.88 million of class A floating-rate notes at Libor plus 118 bps; $46.75 million of class B floating-rate notes at Libor plus 180 bps; $25.5 million of class C deferrable floating-rate notes at Libor plus 245 bps; $14.88 million of class D deferrable floating-rate notes at Libor plus 340 bps; $19.13 million of class E deferrable floating-rate notes at Libor plus 596 bps and $35.65 million of subordinated notes.
PGIM is an investment management firm and subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuers: | Dryden 75 CLO, Ltd./Dryden 75 CLO, LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $528.8 million
|
| Maturity: | April 15, 2034
|
| Agent: | Jefferies LLC
|
| Manager: | PGIM, Inc.
|
| Call: | April 1, 2023
|
| Pricing date: | March 19
|
| Settlement date: | April 1
|
|
|
| Class A-R2 notes
|
| Amount: | $336 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R2 notes
|
| Amount: | $63 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $34.15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R2 notes
|
| Amount: | $28.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R2 notes
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| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.8 million
|
| Securities: | Subordinated notes
|
|
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