Chicago, Jan. 18 – PGIM Inc. sold $507.19 million in a collateralized loan obligation being issued by Dryden 90 CLO Ltd./Dryden 90 CLO LLC, according to a pre-sale report.
The notes will mature on Feb. 20, 2035.
The CLO consists of $223 million of class A-1 senior secured floating-rate loans at Libor plus 113 basis points, $94.5 million of class A-1A senior secured floating-rate notes at Libor plus 113 bps, $0 million of class A-1B senior secured floating-rate notes at Libor plus 113 bps, $62.5 million of class B senior secured floating-rate notes at Libor plus 160 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 300 bps, $19.5 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps and $47.69 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on Feb. 20, 2027.
The portfolio will be backed by broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 15, 2023.
RBC Capital Markets LLC was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 90 CLO Ltd./Dryden 90 CLO LLC
|
| Issue: | Floating-rate loans, floating-rate notes and subordinated notes
|
| Amount: | $507.19 million
|
| Maturity: | Feb. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | PGIM Inc.
|
| Call feature: | Dec. 15, 2023
|
| Settlement date: | Dec. 15
|
|
|
| Class A-1 loans
|
| Amount: | $223 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1A notes
|
| Amount: | $94.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $62.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47.69 million
|
| Securities: | Subordinated notes
|
|
|
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