Chicago, Nov. 23 – PGIM Inc. refinanced and extended for $450 million the collateralized loan obligation issued by Dryden 85 CLO Ltd./Dryden 85 CLO LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2035 for the secured notes and Oct. 15, 2049 for the subordinated notes.
The CLO now consists of $288 million of class A-R senior secured floating-rate notes at Libor plus 115 basis points, $54 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $27 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $27 million of class D-R senior secured deferrable floating-rate notes at Libor plus 320 bps, $18 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps and $36 million of subordinated notes.
Initially, the CLO sold $181 million of class A-1 floating-rate notes at Libor plus 135 basis points, $75 million of 1.63% class A-2 fixed-rate notes and $48 million of class B floating-rate notes at Libor plus 180 bps.
The CLO also originally priced $24 million of class C deferrable floating-rate notes at Libor plus 250 bps, $24 million of class D deferrable floating-rate notes at Libor plus 390 bps, $12 million of class E deferrable floating-rate notes at Libor plus 775 bps and $34.4 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral will be made of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
BNP Paribas Securities Corp. was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 85 CLO Ltd./Dryden 85 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $450 million
|
| Maturity: | Oct. 15, 2035 for the secured notes and Oct. 15, 2049 for the subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM Inc.
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 15
|
|
|
| Class A-R notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
|
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