Chicago, Aug. 21 – PGIM Inc. priced $400 million of notes in a collateralized loan obligation being issued by Dryden 102 CLO Ltd./Dryden 102 CLO LLC, according to a presale report.
The notes will mature on Oct. 15, 2036.
The CLO consists of $246 million of class A-1 floating-rate notes at SOFR plus 170 basis points, $14 million of class A-2 floating-rate notes at SOFR plus 215 bps, $44 million of class B floating-rate notes at SOFR plus 260 bps, $24 million of class C floating-rate notes at SOFR plus 300 bps, $24 million of class D floating-rate notes at SOFR plus 515 bps, $12 million of class E floating-rate notes at SOFR plus 808 bps, $ million of class senior secured floating-rate notes at SOFR plus bps and $36 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on Oct. 15, 2028.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting Oct. 15, 2025.
BofA Securities Inc. was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 102 CLO Ltd./Dryden 102 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $400 million
|
| Maturity: | Oct. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | PGIM Inc.
|
| Call feature: | Oct. 15, 2025
|
| Pricing date: | Aug. 16
|
| Settlement date: | Oct. 13
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 515 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 808 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
|
|
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