Chicago, Dec. 19 – PGIM, Inc. sold $495.35 million in a collateralized loan obligation issued by Dryden 106 CLO, Ltd./Dryden 106 CLO, LLC, according to a presale report.
The notes will mature on Oct. 15, 2035.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 210 basis points, $44 million of class B1 senior secured floating-rate notes at SOFR plus 305 bps, $10 million of class B2 6.69% senior secured fixed-rate notes, $29.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 390 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 570 bps, $16.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 887 bps and $45.35 million of subordinated notes.
PGIM, Inc. will manage the collateral through the end of the reinvestment period on Oct. 15, 2027.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting Oct. 15, 2024.
Nomura Securities International, Inc. was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 106 CLO, Ltd./Dryden 106 CLO, LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $495.35 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | PGIM, Inc.
|
| Call feature: | Oct. 15, 2024
|
| Settlement date: | Nov. 29
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B1 notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.69%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $29.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 570 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 887 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.35 million
|
| Securities: | Subordinated notes
|
|
|
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