Chicago, March 31 – PGIM Inc. priced $510 million of notes in a collateralized loan obligation being issued by Dryden 97 CLO Ltd./Dryden 97 CLO LLC, according to a pre-sale report.
The notes will mature on April 20, 2035.
The CLO consists of $320 million of class A senior floating-rate notes at SOFR plus 130 basis points, $60 million of class B senior floating-rate notes at SOFR plus 185 bps, $30 million of class C senior deferrable floating-rate notes at SOFR plus 220 bps, $30 million of class D senior deferrable floating-rate notes at SOFR plus 320 bps, $20 million of class E senior deferrable floating-rate notes at SOFR plus 675 bps and $50 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 12, 2024.
Nomura Securities International Inc. was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 97 CLO Ltd./Dryden 97 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $510 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | PGIM Inc.
|
| Call feature: | April 12, 2024
|
| Settlement date: | April 12
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 130 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | SOFR plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $50 million
|
| Securities: | Subordinated notes
|
|
|
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