Chicago, June 8 – PGIM, Inc. refinanced and extended the collateralized loan obligation originally issued by Dryden 77 CLO Ltd./Dryden 77 CLO LLC, according to a pre-sale report.
The maturity date has been extended to May 20, 2034.
The notes included in the transaction are the $5 million of class X-R senior secured floating-rate notes at Libor plus 100 basis points, $310 million of class A-R senior secured floating-rate notes at Libor plus 112 bps, $70 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 185 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 300 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 587 bps, $5 million of class F-R senior secured deferrable floating-rate notes at Libor plus 759 bps and $38 million of subordinated notes.
BNP Paribas Securities Corp. is the initial purchaser.
The notes can be called after two years.
The reinvestment period now ends May 20, 2026.
PGIM will manage the collateral, mostly a portfolio of broadly syndicated speculative-grade senior secured term loans.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuers: | Dryden 77 CLO Ltd./Dryden 77 CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $508 million
|
| Maturity: | May 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM, Inc.
|
| Call feature: | May 20, 2023
|
| Settlement date: | May 27
|
|
|
| Class X-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: AAA
|
|
|
| Class A-R notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | Moody's: AAA
|
|
|
| Class B-R notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody's: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody's: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 587 bps
|
| Rating: | Moody's: BB-
|
|
|
| Class F-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 759 bps
|
| Rating: | Moody's: B-
|
|
|
| Subordinated notes
|
| Amount: | $38 million
|
| Securities: | Subordinated notes
|
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