Chicago, Feb. 24 – PGIM Ltd. and PGIM Loan Originator Manager Ltd. sold €453.7 million in a collateralized loan obligation being issued by Dryden 89 Euro CLO 2020 DAC, according to multiple press releases.
The notes will mature on Oct. 18, 2034.
The CLO consists of €264.3 million of class A senior secured floating-rate notes at Euribor plus 100 basis points, €28.75 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps, €17.35 million of class B-2 2% senior secured fixed-rate notes, €26.85 million of class C-1 mezzanine secured deferrable floating-rate notes at Euribor plus 215 bps, €12.15 million of class C-2 2.45% mezzanine secured deferrable fixed-rate notes, €30.5 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 335 bps, €20.2 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 616 bps, €16.3 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 882 bps and €37.3 million of subordinated notes.
PGIM Ltd. and PGIM Loan Originator Manager Ltd. will manage the collateral through the end of the 4.5-year reinvestment period.
The notes can be called starting after 1.4 years.
BofA Securities was the placement agent.
The investment management firms are subsidiaries of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 89 Euro CLO 2020 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €453.7 million
|
| Maturity: | Oct. 18, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities
|
| Manager: | PGIM Ltd. and PGIM Loan Originator Manager Ltd.
|
| Call feature: | 1.4 years
|
| Settlement date: | Nov. 24, 2021
|
|
|
| Class A notes
|
| Amount: | €264.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 100 bps
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €28.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €17.35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | €26.85 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | €12.15 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 2.45%
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €30.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Rating: | Moody's: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €20.2 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 616 bps
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €16.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 882 bps
|
| Rating: | Moody's: B3
|
| S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €37.3 million
|
| Securities: | Subordinated notes
|
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