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
|
| Amount: | $401.3 million
|
| Maturity: | Oct. 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM Inc.
|
| Call feature: | Two years
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 23
|
|
|
| Class A-1 notes
|
| Amount: | $235 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.84%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $17.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $3 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5.43%
|
| Rating: | S&P: BBB-
|
|
|
| Class D-3 notes
|
| Amount: | $5.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 477 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 706 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $33.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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