Chicago, May 5 – Prudential Investment Management, Inc. affiliate PGIM, Inc. refinanced $402 million from two classes of notes from the Dryden 50 Senior Loan Fund/Dryden 50 Senior Loan Fund LLC managed cash flow collateralized loan obligation originally issued on Aug. 29, 2017, according to a notice and a supplemental indenture.
The notes mature on July 15, 2030.
The refinancing notes are the $386.4 million of class A-1-R senior secured floating-rate notes at Libor plus 100 basis points and the $15.6 million of class A-2-R senior secured floating-rate notes at Libor plus 130 bps.
The class B, class C, class D, class E and subordinated notes from the original transaction remain outstanding.
Barclays is the initial purchaser of the refinancing notes.
The non-call period has been extended to April 26, 2022 for the refinancing notes.
The reinvestment period ends in October 2022. PGIM will direct the selection of collateral through that time.
PGIM is the primary asset management business of Newark, N.J.-based Prudential Financial Inc.
| Issuers: | Dryden 50 Senior Loan Fund/Dryden 50 Senior Loan Fund LLC
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | $402 million
|
| Maturity: | July 15, 2030
|
| Agent: | Barclays
|
| Manager: | PGIM, Inc.
|
| Call: | April 26, 2022
|
| Settlement date: | April 26
|
|
|
| Class A-1-R notes
|
| Amount: | $386.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2-R notes
|
| Amount: | $15.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Moody's: Aaa
|
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