Chicago, April 12 – PGIM Inc. sold $397.07 million in a collateralized loan obligation issued by Dryden 105 CLO Ltd./Dryden 105 CLO LLC, according to a presale report.
The notes will mature on April 18, 2036.
The CLO consists of $250 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $54 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 310 bps, $23.2 million of class D senior secured deferrable floating-rate notes at SOFR plus 520 bps, $12.4 million of class E senior secured deferrable floating-rate notes at SOFR plus 790 bps and $33.47 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on April 18, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 28, 2025.
RBC Capital Markets LLC was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 105 CLO Ltd./Dryden 105 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $397.07 million
|
| Maturity: | April 18, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | PGIM Inc.
|
| Call feature: | March 28, 2025
|
| Settlement date: | March 28
|
|
|
| Class A notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 520 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 790 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $33.47 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
