PGIM sells $398.4 million CLO; Bain issues $446.38 million; Carlson reprices $65 million

By Cristal Cody

Tupelo, Miss., Oct. 21 – CLO pricing action includes two new issues in the broadly syndicated primary market and a refinancing of a vintage 2018 CLO.

PGIM, Inc. priced $398.4 million of notes in the manager’s third broadly syndicated CLO offering of the year.

In addition, Bain Capital Credit LP issued $446.38 million of notes in its third CLO deal of 2020.

Looking at refinancing activity, Carlson CLO Advisors LLC refinanced $65 million of notes in two tranches from the Cathedral Lake V Ltd./Cathedral Lake V LLC transaction.

New issue broadly syndicated CLO volume totals more than $60 billion year to date, while about $30 billion of CLO notes have been refinanced this year, according to market sources.

Dryden 85 CLO prints

PGIM priced $398.4 million of notes due Oct. 15, 2032 in the new CLO deal, according to market sources.

Dryden 85 CLO, Ltd./Dryden 85 CLO, LLC sold $181 million of class A-1 floating-rate notes at Libor plus 135 basis points at the top of the capital structure.

BNP Paribas Securities Corp. was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans.

PGIM has priced three new dollar-denominated CLOs year to date.

The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.

Bain sells CLO

Bain Capital Credit issued $446,375,000 of notes due Oct. 23, 2032 in its CLO offering, according to market sources.

Bain Capital Credit CLO 2020-3 Ltd./Bain Capital Credit CLO 2020-3 LLC sold $279 million of the class A floating-rate notes at Libor plus 138 bps.

BofA Securities Inc. was the placement agent.

Bain Capital Credit U.S. CLO Manager LLC will manage the CLO.

The offering is backed primarily by broadly syndicated first-lien senior secured loans.

Bain Capital has priced three new CLOs year to date.

The asset management firm is based in Boston.

Carlson reprices

Carlson CLO Advisors refinanced $65 million of notes due Oct. 20, 2030 in two tranches from the Cathedral Lake V transaction, according to a supplemental indenture.

Cathedral Lake V sold $40 million of class A-S-R senior secured floating-rate notes at Libor plus 145 bps at the top of the capital stack.

In the original $407.68 million offering issued Oct. 11, 2018, the CLO sold $40 million of class A-S senior secured floating-rate notes at Libor plus 110 bps, which were scheduled to step up to Libor plus 165 bps after the October 2020 payment date.

In the original offering, Jeffries LLC was the placement agent.

The CLO is collateralized predominantly by broadly syndicated senior secured loans.

The Dallas-based alternative asset management firm is a subsidiary of Carlson Capital, LP.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.