By Cristal Cody
Tupelo, Miss., Feb. 12 – PGIM, Inc. priced a $428.79 million collateralized loan obligation offering, according to a market source.
In the Dryden 75 CLO, Ltd./Dryden 75 CLO, LLC offering, the CLO sold $286.88 million of class A floating-rate notes at Libor plus 118 basis points and $46.75 million of class B floating-rate notes at Libor plus 180 bps.
The CLO also priced $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.
Jefferies LLC was the placement agent.
The CLO has a five-month non-call period and a one-year reinvestment period.
The notes are due Jan. 15, 2029.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
PGIM has priced two CLO offerings year to date.
In 2018, the CLO manager priced six dollar-denominated CLOs.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 75 CLO, Ltd./Dryden 75 CLO, LLC
|
| Amount: | $428.79 million
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | PGIM Inc.
|
| Call feature: | July 15, 2019
|
| Pricing date: | Jan. 23
|
| Settlement date: | Feb. 27
|
|
|
| Class A notes
|
| Amount: | $286.88 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $46.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $25.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $14.88 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 596 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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