PGIM offers additional subordinated notes in 2015 vintage Dryden 39 Euro CLO

By Cristal Cody

Tupelo, Miss., Sept. 15 – PGIM Ltd. is considering issuing additional subordinated notes in its vintage €415.7 million Dryden 39 Euro CLO 2015 BV transaction, according to a notice of potential additional issuance on Friday.

Morgan Stanley & Co. International plc is the placement agent.

In the original €415.2 million transaction settled on Sept. 9, 2015, the CLO issued €42.5 million of subordinated notes due Oct. 15, 2029.

The CLO also priced €221 million of class A-1 senior secured floating-rate notes at Euribor plus 135 basis points, €16.9 million of 1.97% class A-2 senior secured fixed-rate notes, €36.4 million of class B-1 senior secured floating-rate notes at Euribor plus 215 bps and €12.32 million of 2.93% class B-2 senior secured fixed-rate notes; €26.65 million of class C-1 mezzanine secured deferrable floating-rate notes at Euribor plus 290 bps; €1.35 million of 3.75% class C-2 mezzanine secured deferrable fixed-rate notes; €22 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 375 bps; €24 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 535 bps and €13 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 625 bps.

PGIM has priced three new European CLOs and refinanced two vintage euro-denominated CLOs year to date.

In 2016, PGIM priced two euro-denominated CLOs and refinanced one vintage CLO.

The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.

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