Chicago, March 11 – PGIM Inc. priced $402.1 million of notes in a collateralized loan obligation being issued by Dryden 119 CLO Ltd./Dryden 119 CLO LLC, according to a presale report.
The notes will mature on April 15, 2036.
The CLO consists of $246 million of class A-1 senior secured floating-rate notes at SOFR plus 150 basis points, $22 million of class A-2 senior secured floating-rate notes at SOFR plus 175 bps, $36 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 255 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 390 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 710 bps and $35.1 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on April 15, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2026.
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 119 CLO Ltd./Dryden 119 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $402.1 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | PGIM Inc.
|
| Call feature: | April 15, 2026
|
| Pricing date: | March 5
|
| Settlement date: | April 25
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $22 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 710 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.1 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.
