Chicago, Aug. 17 – PGIM Inc. refinanced and extended the $511.45 million collateralized loan obligation originally issued by Dryden 68 CLO Ltd./Dryden 68 CLO LLC, according to a pre-sale report.
The notes will now mature on July 15, 2035.
The CLO consists of $320 million of class A-R senior secured floating-rate notes at Libor plus 117 basis points, $60 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 335 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 675 bps and$51.45 million of subordinated notes.
The original CLO had $325 million of class A floating-rate notes at Libor plus 131 bps, $55 million of class B floating-rate notes at Libor plus 174 bps, $32.5 million of class C deferrable floating-rate notes at Libor plus 230 bps, $26 million of class D deferrable floating-rate notes at Libor plus 340 bps; $21.5 million of class E deferrable floating-rate notes at Libor plus 675 bps and $48.05 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting July 15, 2023.
BNP Paribas Securities Corp. was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 68 CLO Ltd./Dryden 68 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $511.45 million
|
| Maturity: | July 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM Inc.
|
| Call feature: | July 15, 2023
|
| Settlement date: | July 15
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
|
|
| Subordinated notes
|
| Amount: | $51.45 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.
