By Cristal Cody
Tupelo, Miss., March 2 – PGIM, Inc. priced a $504.62 million new collateralized loan obligation transaction, according to a market source.
Dryden 78 CLO, Ltd./Dryden 78 CLO, LLC sold $320 million of class A floating-rate notes at Libor plus 118 basis points, $60 million of class B floating-rate notes at Libor plus 150 bps, $30 million of class C floating-rate notes at Libor plus 195 bps, $30 million of class D floating-rate notes at Libor plus 300 bps, $19.5 million of class E floating-rate notes at Libor plus 660 bps and $45.12 million of subordinated notes.
The notes priced at par.
Goldman Sachs & Co. LLC was the placement agent.
The CLO 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 78 CLO, Ltd./Dryden 78 CLO, LLC
|
| Amount: | $504.62 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | PGIM Inc.
|
| Pricing date: | Feb. 21
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Price: | Par
|
| Rating: | S&P: AA expected
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Price: | Par
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $19.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $45.12 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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