PGIM prices CLOs, AAAs slightly wider than first deal; Oaktree reprints, notes free up

By Cristal Cody

Tupelo, Miss., Feb. 12 – PGIM, Inc. priced $428.79 million of notes in its second new CLO transaction of the year.

PGIM’s first offering was brought to the primary market in late December and closed in January with the AAA-rated tranche priced 3 basis points tighter than where the newest CLO came.

In other action, Oaktree Capital Management LP refinanced $372 million of notes from the class A tranche in a vintage 2016 CLO.

The class A-R notes were admitted for trading on the regulated market of Euronext Dublin, according to an admission notice on Tuesday.

PGIM brings second CLO

In the Dryden 75 CLO, Ltd./Dryden 75 CLO, LLC offering, PGIM sold $286.88 million of the class A floating-rate notes at Libor plus 118 bps, according to a market source.

Jefferies LLC was the placement agent.

The CLO has a short five-month non-call period.

The notes are due Jan. 15, 2029.

In 2018, PGIM priced six dollar-denominated CLOs.

The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.

Oaktree refinances notes

Oaktree Capital Management priced $372 million of class A-R senior secured floating-rate notes at Libor plus 108 bps, according to a notice of executed supplemental indenture.

Oaktree originally priced the notes (Aaa/AAA) on Dec. 8, 2016 as part of the $601.66 million Oaktree EIF III Series I Ltd. transaction.

The CLO had sold $372 million of the class A floating-rate notes at Libor plus 141 bps.

The notes are due Oct. 20, 2027.

Wells Fargo Securities LLC was the refinancing placement agent.

Oaktree Capital Management is a Los Angeles-based asset management firm and a subsidiary of Oaktree Capital Group, LLC.

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