Chicago, May 11 – PGIM Ltd. and PGIM Loan Originator Manager Ltd. sold €507.2 million in a collateralized loan obligation issued by Dryden 91 Euro CLO 2021 DAC, according to multiple notices.
The notes will mature on April 18, 2035.
The CLO consists of €307.5 million of class A senior secured floating-rate notes at Euribor plus 120 basis points, €14.5 million of class B-1 senior secured floating-rate notes at Euribor plus 235 bps, €28 million of class B-2 2.9% senior secured fixed-rate notes, €30 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 340 bps, €35 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 485 bps, €32 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 706 bps, €14.3 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 944 bps and €45.9 million of subordinated notes.
PGIM Ltd. and PGIM Loan Originator Manager Ltd. will manage the collateral through the end of the reinvestment period on three-year.
Collateral for the notes consists of senior secured obligations including senior, mezzanine, second-lien loans and high-yield bonds.
Citigroup Global Markets Ltd. was the placement agent.
The investment management firms are subsidiaries of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 91 Euro CLO 2021 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €507.2 million
|
| Maturity: | April 18, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | PGIM Ltd., PGIM Loan Originator Manager Ltd.
|
| Settlement date: | May 6
|
|
|
| Class A notes
|
| Amount: | €307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €14.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €28 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.9%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €35 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 485 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €32 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 706 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €14.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 944 bps
|
| Rating: | Moody's: B3
|
| Fitch: B+
|
|
|
| Subordinated notes
|
| Amount: | €45.9 million
|
| Securities: | Subordinated notes
|
|
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