Chicago, Aug. 13 – PGIM Inc. refinanced and extended for $641.2 million a collateralized loan obligation originally issued by Dryden 86 CLO Ltd./Dryden 86 CLO LLC, according to a pre-sale report.
The notes will now mature on July 17, 2034.
The refinanced CLO consists of $3.6 million of class X-R senior secured floating-rate notes at Libor plus 93 basis points, $381.3 million of class A-1-R senior secured floating-rate notes at Libor plus 110 bps, $25 million of class A-2-R senior secured floating-rate notes at Libor plus 140 bps, $68.8 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $37.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $37.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 320 bps, $25 million of class E-R senior secured deferrable floating-rate notes at Libor plus 650 bps and $62.5 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on July 17, 2026.
The notes can be called starting July 17, 2023.
Goldman Sachs & Co. LLC was the placement agent.
Issuer: | Dryden 86 CLO Ltd./Dryden 86 CLO LLC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $641.2 million
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Maturity: | July 17, 2034
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Structure: | Cash flow CLO
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Placement agent: | Goldman Sachs & Co. LLC
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Manager: | PGIM Inc.
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Call feature: | July 17, 2023
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Settlement date: | July 19
|
|
Class X-R notes
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Amount: | $3.6 million
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Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 93 bps
|
Rating: | S&P: AAA
|
|
Class A-1-R notes
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Amount: | $381.3 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 110 bps
|
Rating: | S&P: AAA
|
|
Class A-2-R notes
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Amount: | $25 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 140 bps
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Rating: | S&P: AAA
|
|
Class B-R notes
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Amount: | $68.8 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 170 bps
|
Rating: | S&P: AA
|
|
Class C-R notes
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Amount: | $37.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 200 bps
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Rating: | S&P: A
|
|
Class D-R notes
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Amount: | $37.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 320 bps
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Rating: | S&P: BBB-
|
|
Class E-R notes
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Amount: | $25 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 650 bps
|
Rating: | S&P: BB-
|
|
Subordinated notes
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Amount: | $62.5 million
|
Securities: | Subordinated notes
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