Chicago, Dec. 29 – PGIM, Inc. sold $393.2 million in a collateralized loan obligation issued by Dryden 113 CLO, Ltd., according to a press release.
The notes will mature on Oct. 20, 2035.
The CLO consists of $192.15 million of class A-1 senior secured floating-rate notes at SOFR plus 200 basis points, $59.85 million of class A-1 floating-rate loans at SOFR plus 200 bps, $0 million of class A-1L senior secured floating-rate notes at SOFR plus 200 bps, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 260 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 285 bps, $24 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 385 bps, $24 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 550 bps, $12 million of class E junior secured deferrable floating-rate notes at SOFR plus 889 bps and $29.2 million of subordinated notes.
PGIM, Inc. will manage the collateral through the end of the 2.9-year reinvestment period, ending Oct. 20, 2025.
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 113 CLO, Ltd.
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $393.2 million
|
| Maturity: | Oct. 20, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | PGIM, Inc.
|
| Call: | Oct. 20, 2023
|
| Settlement date: | Nov. 10
|
|
|
| Class A-1 notes
|
| Amount: | $192.15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1 loans
|
| Amount: | $59.85 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1L notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 550 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 889 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $29.2 million
|
| Securities: | Subordinated notes
|
|
|
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