Chicago, April 27 – PGIM, Inc. refinanced $525 million from the Dryden 49 Senior Loan Fund CLO in four classes of notes, according to a notice.
The portfolio has $384 million of class A-R senior secured floating-rate notes at Libor plus 95 basis points, $72 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $39 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 205 bps and $30 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 340 bps.
There are two other classes of secured notes and one class of subordinated notes that will remain outstanding.
The notes still mature July 18, 2030.
PGIM will continue to direct the collateral for the notes which mostly comes from broadly syndicated senior
PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 49 Senior Loan Fund CLO
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | $525 million
|
| Maturity: | July 18, 2030
|
| Manager: | PGIM, Inc.
|
| Announcement date: | April 19
|
|
|
| Class A-R notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
|
| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody's: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $39 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Moody's: Baa3
|
|
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