By Cristal Cody
Tupelo, Miss., Dec. 21 – PGIM, Inc. priced $410 million of notes due Jan. 18, 2032 in a new collateralized loan obligation transaction set to close in 2021, according to market sources.
Dryden 83 CLO, Ltd./Dryden 83 CLO, LLC sold $4 million of class X floating-rate notes at Libor plus 75 basis points, $256 million of class A floating-rate notes at Libor plus 122 bps, $48 million of class B floating-rate notes at Libor plus 160 bps, $24 million of class C deferrable floating-rate notes at Libor plus 215 bps, $24 million of class D deferrable floating-rate notes at Libor plus 350 bps, $14 million of class E deferrable floating-rate notes at Libor plus 555 bps and $40 million of subordinated notes.
J.P. Morgan Securities, LLC 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.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 83 CLO, Ltd./Dryden 83 CLO, LLC
|
| Amount: | $410 million
|
| Maturity: | Jan. 18, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities, LLC
|
| Manager: | PGIM Inc.
|
| Call feature: | One year
|
| Pricing date: | Nov. 24
|
| Settlement date: | Jan. 6
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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