By Cristal Cody
Tupelo, Miss., July 3 – PGIM, Inc. sold $525.63 million of notes in a refinancing and reset of a collateralized loan obligation offering that priced in January, according to a market source.
Dryden 75 CLO, Ltd./Dryden 75 CLO, LLC priced $341.25 million of class A-R floating-rate notes at Libor plus 120 basis points 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.
Jefferies LLC was the refinancing placement agent.
The maturity on the notes was extended to July 15, 2030 from the original Jan. 15, 2029 maturity.
The original CLO had a short non-call period scheduled to end on July 15 and a one-year reinvestment period.
The reset CLO has an extended one-year non-call period and an extended three-year reinvestment period.
In the original $428.79 million offering priced on Jan. 23 and issued Feb. 27, the CLO sold $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.
Proceeds will be used to redeem the original notes on July 15.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans.
PGIM is an investment management firm and subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 75 CLO, Ltd./Dryden 75 CLO, LLC
|
| Amount: | $525.63 million refinancing
|
| Maturity: | July 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | PGIM Inc.
|
| Call feature: | July 15, 2020
|
| Settlement date: | July 15
|
|
|
| Class A-R notes
|
| Amount: | $341.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $57.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $28.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $23.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 658 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $42.63 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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