Chicago, July 19 – PGIM, Inc. sold $496.5 million in a collateralized loan obligation being issued by Dryden 108 CLO, Ltd., according to a presale report.
The notes will mature on July 2035.
The CLO consists of $315 million of class A-1 floating-rate notes at SOFR plus 165 basis points, $10 million of class A-2 floating-rate notes at SOFR plus 205 bps, $55 million of class B floating-rate notes at SOFR plus 250 bps, $27.5 million of class C floating-rate notes at SOFR plus 310 bps, $30 million of class D floating-rate notes at SOFR plus 425 bps, $20 million of class E floating-rate notes at SOFR plus 759 bps, $2.5 million of class F floating-rate notes at SOFR plus 883 bps and $36.5 million of subordinated notes.
PGIM, Inc. will manage the collateral through the end of the reinvestment period on July 2027.
Collateral for the notes consists of non-investment grade broadly syndicated loans and other assets.
The notes can be called starting July 2024.
BNP Paribas Securities Corp. was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 108 CLO, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $496.5 million
|
| Maturity: | July 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM, Inc.
|
| Call feature: | July 2024
|
| Settlement date: | July 28, 2022
|
|
|
| Class A-1 notes
|
| Amount: | $315 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 759 bps
|
|
|
| Class F notes
|
| Amount: | $2.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 883 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $36.5 million
|
| Securities: | Subordinated notes
|
|
|
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