Chicago, July 19 – PGIM Inc. priced $491.36 million in a collateralized loan obligation being issued by Dryden 104 CLO Ltd./Dryden 104 CLO LLC, according to a presale report.
The notes will mature on Aug. 20, 2034.
The CLO consists of $306.25 million of class A-1 floating-rate notes at SOFR plus 210 basis points, $13.75 million of class A-2 floating-rate notes at SOFR plus 270 bps, $60 million of class B floating-rate notes at SOFR plus 310 bps, $28.5 million of class C floating-rate notes at SOFR plus 410 bps, $27.5 million of class D floating-rate notes at SOFR plus 535 bps, $15.75 million of class E floating-rate notes at SOFR plus 850 bps and $39.61 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on Aug. 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 7, 2024.
Citigroup Global Markets Inc. was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 104 CLO Ltd./Dryden 104 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $491.36 million
|
| Maturity: | Aug. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | PGIM Inc.
|
| Call feature: | Sept. 7, 2024
|
| Settlement date: | Sept. 7
|
|
|
| Class A-1 notes
|
| Amount: | $306.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $13.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 410 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 535 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 850 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39.61 million
|
| Securities: | Subordinated notes
|
|
|
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