Chicago, Jan. 4 – PGIM Inc. refinanced and extended for $404.3 million the collateralized loan obligation issued by Dryden 76 CLO Ltd./Dryden 76 CLO LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The refinanced CLO consists of $4 million of class X floating-rate notes at Libor plus 70 basis points, $248 million of class A-1R floating-rate notes at Libor plus 115 bps, $8 million of class A-2R floating-rate notes at Libor plus 140 bps, $48 million of class B-R floating-rate notes at Libor plus 160 bps, $24 million of class C-R floating-rate notes at Libor plus 200 bps, $24 million of class D-R floating-rate notes at Libor plus 330 bps, $15 million of class E-R floating-rate notes at Libor plus 650 bps and $33.3 million of subordinated notes.
Originally, the CLO sold $235 million of class A-1 floating-rate notes at Libor plus 133 bps, $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 initially 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.
PGIM Inc. will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The collateral will be broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
BNP Paribas Securities Corp. was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 76 CLO Ltd./Dryden 76 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $404.3 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM Inc.
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 18
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1R notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: NR
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $33.3 million
|
| Securities: | Subordinated notes
|
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