Chicago, March 2 – PGIM Ltd. refinanced for €294.6 million three classes of notes from the collateralized loan obligation issued by Dryden 66 Euro CLO 2018 DAC, according to multiple press releases and details from the listing particulars.
The notes will mature on Jan. 18, 2032.
The refinanced notes from the CLO consists of €238 million of class A-R senior secured floating-rate notes at Euribor plus 79 basis points, €31.6 million of class B-2-R senior secured floating-rate notes at Euribor plus 175 bps and €25 million of class D-R mezzanine secured deferrable floating-rate notes at Euribor plus 335 bps.
Four other classes of rated notes were not part of the refinancing.
PGIM Ltd. will manage the collateral through the end of the reinvestment period on July 18, 2023.
Collateral for the notes consists of senior secured obligations.
The notes can be called starting March 30, 2023.
Barclays was the placement agent.
PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.
The issuer on the CLO was originally Dryden 66 Euro CLO 2018 BV.
| Issuer: | Dryden 66 Euro CLO 2018 DAC
|
| Issue: | Floating-rate notes
|
| Amount: | €294.6 million
|
| Maturity: | Jan. 18, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | PGIM Ltd.
|
| Call feature: | March 30, 2023
|
| Settlement date: | Dec. 23
|
|
|
| Class A-R notes
|
| Amount: | €238 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 79 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-2-R notes
|
| Amount: | €31.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class D-R notes
|
| Amount: | €25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
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