By Cristal Cody
Tupelo, Miss., Oct. 15 – PGIM, Inc. priced a new $401.3 million collateralized loan obligation of notes due Oct. 20, 2032, according to market sources.
Dryden 76 CLO, Ltd./Dryden 76 CLO, LLC sold $235 million of class A-1 floating-rate notes at Libor plus 133 basis points, $25 million of 2.84% class A-2 fixed-rate notes and $44 million of class B floating-rate notes at Libor plus 180 bps.
The CLO also priced $26 million of class C deferrable floating-rate notes at Libor plus 250 bps; $17.8 million of class D-1 deferrable floating-rate notes at Libor plus 385 bps; $3 million of 5.43% class D-2 deferrable fixed-rate notes, $5.2 million of class D-3 deferrable floating-rate notes at Libor plus 477 bps; $12 million of class E deferrable floating-rate notes at Libor plus 706 bps and $33.3 million of subordinated notes.
BNP Paribas Securities Corp. 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.
PGIM has priced five dollar-denominated CLOs year to date.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
Issuer: | Dryden 76 CLO, Ltd./Dryden 76 CLO, LLC
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Amount: | $401.3 million
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Maturity: | Oct. 20, 2032
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BNP Paribas Securities Corp.
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Manager: | PGIM Inc.
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Call feature: | Two years
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Pricing date: | Sept. 30
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Settlement date: | Oct. 23
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Class A-1 notes
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Amount: | $235 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 133 bps
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $25 million
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Securities: | Fixed-rate notes
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Coupon: | 2.84%
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Rating: | S&P: AAA
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Class B notes
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Amount: | $44 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 180 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $26 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 250 bps
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Rating: | S&P: A
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Class D-1 notes
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Amount: | $17.8 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 385 bps
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Rating: | S&P: BBB-
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Class D-2 notes
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Amount: | $3 million
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Securities: | Deferrable fixed-rate notes
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Coupon: | 5.43%
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Rating: | S&P: BBB-
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Class D-3 notes
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Amount: | $5.2 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 477 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $12 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 706 bps
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Rating: | S&P: BB-
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Equity
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Amount: | $33.3 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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