By Cristal Cody
Tupelo, Miss., Nov. 8 – PGIM, Inc. priced $410.4 million of notes due Jan. 17, 2033 in a new collateralized loan obligation deal, according to market sources.
Dryden 80 CLO, Ltd./Dryden 80 CLO, LLC sold $1.5 million of class X floating-rate notes at Libor plus 90 basis points, $246.25 million of class A-1 floating-rate notes at Libor plus 133 bps, $13.75 million of 2.88% class A-2 fixed-rate notes and $44 million of class B floating-rate notes at Libor plus 190 bps.
The CLO also priced $24 million of class C deferrable floating-rate notes at Libor plus 250 bps; $20 million of class D-1 deferrable floating-rate notes at Libor plus 410 bps; $8 million of class D-2 deferrable floating-rate notes at Libor plus 550 bps, $8 million of class E deferrable floating-rate notes at Libor plus 850 bps and $44.9 million of subordinated notes.
BofA Securities, Inc. 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 80 CLO, Ltd./Dryden 80 CLO, LLC
|
| Amount: | $410.4 million
|
| Maturity: | Jan. 17, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | PGIM Inc.
|
| Call feature: | Two years
|
| Pricing date: | Nov. 1
|
| Settlement date: | Dec. 12
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $246.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $13.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.88%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $44.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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