By Cristal Cody
Tupelo, Miss., May 22 – PGIM, Inc. priced a €409.8 million euro-denominated collateralized loan obligation, according to a market source.
Dryden 69 Euro CLO 2018 BV sold €2 million of class X senior secured floating-rate notes at Euribor plus 44 basis points at par, €226.1 million of class A-1 senior secured floating-rate notes at Euribor plus 109 bps at par, €11.9 million of 1.25% class A-2 senior secured fixed-rate notes at par and €8 million of class A-3 senior secured floating-rate notes at Euribor plus 140 bps at par.
The CLO priced €22.9 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps at par and €13.1 million of 2.35% class B-2 senior secured fixed-rate notes at par.
Dryden 69 Euro sold €6 million of class C-1 mezzanine secured deferrable floating-rate notes at Euribor plus 265 bps at par; €20 million of 3.1% class C-2 mezzanine secured deferrable fixed-rate notes at par; €26.5 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 400 bps at par; €22.6 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 629 bps at 96; €10.3 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 843 bps at 92 and €40.4 million of subordinated notes.
Deutsche Bank Securities Inc. was the placement agent.
The notes are due in April 2032.
The CLO has a two-year non-call period and a 4.5-year reinvestment period.
PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 69 Euro CLO 2018 BV
|
| Amount: | €409.8 million
|
| Maturity: | April 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | PGIM Ltd.
|
| Call feature: | Two years
|
| Pricing date: | April 17
|
| Settlement date: | June 10
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 44 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €226.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 109 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €11.9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.25%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-3 notes
|
| Amount: | €8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €22.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €13.1 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.25%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €6 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 265 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.1%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €22.6 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 629 bps
|
| Price: | 96
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 843 bps
|
| Price: | 92
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €47.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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