Chicago, May 4 – PGIM Loan Originator Manager Ltd. sold €408.8 million of notes in a new CLO due July 20, 2034 that lists Dryden 88 Euro CLO 2020 DAC as issuer, according to a notice.
At the top of the portfolio there are €117.6 million of class A senior secured floating-rate notes at Euribor plus 85 basis points, €120 million of class A senior secured floating-rate loans at Euribor plus 85 bps, €18.4 million of class B-1 senior secured floating-rate notes at Euribor plus 165 bps and €25 million of class B-2 2.1% senior secured fixed-rate notes.
Lower, there are €10.2 million of class C-1 mezzanine secured deferrable floating-rate notes at Euribor plus 235 bps, €18.4 million of class C-2 2.6% mezzanine secured deferrable fixed-rate notes, €29.4 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 360 bps, €21 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 606 bps and €9.8 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 857 bps.
There are €39 million of subordinated notes.
Deutsche Bank AG is the underwriter.
PGIM Loan Originator Manager Ltd. will manage the collateral in the CLO during the 4.6-year reinvestment period.
Collateral will chiefly come from senior secured obligations.
PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 88 Euro CLO 2020 DAC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes and floating-rate loan
|
| Structure: | Cash flow CLO
|
| Amount: | €408.8 million
|
| Maturity: | July 20, 2034
|
| Agent: | Deutsche Bank AG
|
| Manager: | PGIM, Inc.
|
| Settlement date: | June 14
|
|
|
| Class A notes
|
| Amount: | €117.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A loan
|
| Amount: | €120 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 85 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €18.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | €10.2 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C-2 notes
|
| Amount: | €18.4 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 2.6%
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | €29.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | €21 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 606 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | €9.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 857 bps
|
| Rating: | Moody's: B2
|
|
|
| Subordinated notes
|
| Amount: | €39 million
|
| Securities: | Subordinated notes
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
