Chicago, Nov. 16 – PGIM, Inc. is refinancing and extended for $402.9 million the collateralized loan obligation issued by Dryden 112 CLO Ltd./Dryden 112 CLO LLC, according to a presale report.
The notes will mature on Nov. 15, 2036.
The CLO consists of $248 million of class A-R senior secured floating-rate notes at SOFR plus 170 basis points, $56 million of class B-R senior secured floating-rate notes at SOFR plus 260 bps, $24 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 305 bps, $24 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 450 bps, $15.8 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 775 bps and $35.1 million of subordinated notes.
The original transaction had $256 million of class A senior secured floating-rate notes at SOFR plus 205 bps, $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 reinvestment period on Nov. 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Nov. 15, 2025.
J.P. Morgan Securities LLC was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 112 CLO Ltd./Dryden 112 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $402.9 million
|
| Maturity: | Nov. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | PGIM, Inc.
|
| Call feature: | Nov. 15, 2025
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 15
|
|
|
| Class A-R notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 775 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.1 million
|
| Securities: | Subordinated notes
|
|
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