Chicago, Aug. 4 – PGIM Inc. sold $605.53 million in a collateralized loan obligation being issued by Dryden 87 CLO Ltd./Dryden 87 CLO LLC, according to a pre-sale report.
The notes will mature on May 20, 2034.
The CLO consists of $366 million of class A-1 senior secured floating-rate notes at Libor plus 110 basis points, $12 million of class A-2 senior secured floating-rate notes at Libor plus 135 bps, $78 million of class B senior secured floating-rate notes at Libor plus 155 bps, $36 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps, $24 million of class E senior secured deferrable floating-rate notes at Libor plus 615 bps and $53.53 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on May 20, 2026.
The notes can be called starting May 20, 2023.
Citigroup Global Markets Inc. was the placement agent.
PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 87 CLO Ltd./Dryden 87 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $605.53 million
|
| Maturity: | May 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | PGIM Inc.
|
| Call feature: | May 20, 2023
|
| Settlement date: | July 7
|
|
|
| Class A-1 notes
|
| Amount: | $366 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $78 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $53.53 million
|
| Securities: | Subordinated notes
|
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