By Cristal Cody
Tupelo, Miss., Oct. 21 – PGIM, Inc. priced $398.4 million of notes due Oct. 15, 2032 in a new broadly syndicated collateralized loan obligation transaction, 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, $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 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.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
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.
| Issuer: | Dryden 85 CLO, Ltd./Dryden 85 CLO, LLC
|
| Amount: | $398.4 million
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM Inc.
|
| Call feature: | One year
|
| Pricing date: | Sept. 17
|
| Settlement date: | Oct. 29
|
|
|
| Class A-1 notes
|
| Amount: | $181 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.63%
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | 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 notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $34.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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