By Cristal Cody
Tupelo, Miss., July 3 – PGIM, Inc. priced $508.05 million of notes due July 15, 2032 at par in a new issue collateralized loan obligation offering, according to a market source.
Dryden 68 CLO, Ltd./Dryden 68 CLO, LLC sold $325 million of class A floating-rate notes at Libor plus 131 basis points, $55 million of class B floating-rate notes at Libor plus 174 bps, $32.5 million of class C deferrable floating-rate notes at Libor plus 230 bps, $26 million of class D deferrable floating-rate notes at Libor plus 340 bps; $21.5 million of class E deferrable floating-rate notes at Libor plus 675 bps and $48.05 million of subordinated notes.
RBC Capital Markets, LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 68 CLO, Ltd./Dryden 68 CLO, LLC
|
| Amount: | $508.05 million
|
| Maturity: | July 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets, LLC
|
| Manager: | PGIM Inc.
|
| Call feature: | Two years
|
| Pricing date: | May 30
|
| Settlement date: | July 11
|
|
|
| Class A notes
|
| Amount: | $325 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 131 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 174 bps
|
| Price: | Par
|
| Ratings: | Moody’s: None expected
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Price: | Par
|
| Ratings: | Moody’s: None expected
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Price: | Par
|
| Ratings: | Moody’s: None expected
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $21.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Ba3 expected
|
| S&P: Non-rated
|
|
|
| Equity
|
| Amount: | $48.05 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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