Chicago, March 3 – PGIM, Inc. is refinancing five classes of notes for $440.5 million from the Newark BSL CLO 2, Ltd. CLO, according to a notice.
The refinanced notes, still due July 25, 2030, include $500,000 of class X-R senior secured floating-rate notes at Libor plus 70 basis points, $320 million of class A-1-R senior secured floating-rate notes at Libor plus 97 bps, $56 million of class A-2-R senior secured floating-rate notes at Libor plus 140 bps, $34 million of class B-R senior secured deferrable floating-rate notes at Libor plus 175 bps and $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 315 bps.
The original CLO closed July 27, 2017. An original other class of secured notes and one class of subordinated notes will remain outstanding.
PGIM is the collateral manager for the portfolio, which is backed primarily by syndicated senior secured corporate loans.
PGIM, formerly Prudential Investment Management, is the asset management arm of Prudential Financial. Headquarters are in Newark, N.J.
| Issuer: | Newark BSL CLO 2, Ltd.
|
| Amount: | $440.5 million
|
| Maturity: | July 25, 2030
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | PGIM, Inc.
|
| Announcement date: | March 3
|
|
|
| Class X-R notes
|
| Amount: | $500,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 97 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class A-2-R notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: A2
|
|
|
| Class B-R notes
|
| Amount: | $34 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody's: Baa3
|
|
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