Chicago, Aug. 22 – PGIM, Inc. sold $395.4 million in a collateralized loan obligation being issued by Dryden 112 CLO, Ltd., according to a new issue report and a press release.
The notes will mature on Aug. 15, 2034.
The CLO consists of $256 million of class A senior secured floating-rate notes at SOFR plus 205 basis points, $47 million of class B senior secured floating-rate notes at SOFR plus 285 bps, $23.5 million of class C mezzanine secured floating-rate notes at SOFR plus 400 bps, $24.7 million of class D mezzanine secured floating-rate notes at SOFR plus 502 bps, $13.2 million of class E junior secured floating-rate notes at SOFR plus 778 bps, $1 million of class F junior secured floating-rate notes at SOFR plus 860 bps and $30 million of subordinated notes.
PGIM, Inc. will manage the collateral through the end of the three-year reinvestment period.
JPMorgan was the placement agent, according to the CLO manager.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 112 CLO, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $395.4 million
|
| Maturity: | Aug. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | JPMorgan
|
| Manager: | PGIM, Inc.
|
| Settlement date: | Aug. 11
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $23.5 million
|
| Securities: | Mezzanine secured floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24.7 million
|
| Securities: | Mezzanine secured floating-rate notes
|
| Coupon: | SOFR plus 502 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $13.2 million
|
| Securities: | Junior secured floating-rate notes
|
| Coupon: | SOFR plus 778 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Junior secured floating-rate notes
|
| Coupon: | SOFR plus 860 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $30 million
|
| Securities: | Subordinated notes
|
|
|
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