Chicago, May 20 – PGIM Loan Originator Manager Ltd. sold €401.3 million in a collateralized loan obligation being issued by Dryden 96 Euro CLO 2021 DAC, according to a presale report.
The notes will mature on June 15, 2035.
The CLO consists of €244 million of class A floating-rate notes at Euribor plus 110 basis points, €10 million of class B-1 floating-rate notes at Euribor plus 225 bps, €28 million of class B-2 3.% fixed-rate notes, €28 million of class C floating-rate notes at Euribor plus 330 bps, €27 million of class D floating-rate notes at Euribor plus 430 bps, €22 million of class E floating-rate notes at Euribor plus 658 bps, €12 million of class F floating-rate notes at Euribor plus 847 bps, € million of class senior secured deferrable floating-rate notes at Euribor plus bps, € million of class senior secured deferrable floating-rate notes at Euribor plus bps, € million of class senior secured floating-rate notes at Euribor plus bps, € million of class senior deferrable floating-rate notes at Euribor plus bps, € million of class senior deferrable floating-rate notes at Euribor plus bps, and €30.3 million of subordinated notes.
PGIM Loan Originator Manager Ltd. will manage the collateral through the end of the reinvestment period on June 15, 2024.
Collateral for the notes consists of syndicated speculative-grade senior secured term loans and bonds.
The notes can be called starting June 8, 2023.
BNP Paribas SA was the placement agent.
The investment management firms are subsidiaries of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 96 Euro CLO 2021 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €401.3 million
|
| Maturity: | June 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas SA
|
| Manager: | PGIM Loan Originator Manager Ltd.
|
| Call feature: | June 8, 2023
|
| Settlement date: | June 8
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €28 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | €27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 430 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 658 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 847 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | €30.3 million
|
| Securities: | Subordinated notes
|
|
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