PGIM offers $510.35 million CLO in sixth new deal of year; Och-Ziff resets 2012 notes

By Cristal Cody

Tupelo, Miss., Aug. 22 – PGIM, Inc. plans to return to the CLO primary market with a $510.35 million new deal.

The CLO manager has issued five new U.S. dollar-denominated CLOs so far in 2018.

Elsewhere, in refinancing activity, Och-Ziff Loan Management LP repriced notes from the OZLM Funding II, Ltd./OZLM Funding II, LLC CLO via Morgan Stanley & Co. LLC on Friday, according to a market source. Final pricing details on the second reset of the vintage 2012 deal were not immediately available.

In its deal, PGIM plans to price $510.35 million of notes due July 18, 2030 in the new Dryden 65 CLO Ltd./Dryden 65 CLO LLC deal, according to a market source.

The deal includes $310 million of class A-1 floating-rate notes (/AAA/); $15 million of class A-2 floating-rate notes (/non-rated/); $56 million of class B floating-rate notes (/AA/); $32 million of class C deferrable floating-rate notes (/A/); $29 million of class D deferrable floating-rate notes (/BBB-/); $17 million of class E deferrable floating-rate notes (/BB-/) and $51.35 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

The issue is collateralized primarily by broadly syndicated senior secured loans.

The transaction is expected to close on Oct. 9.

The asset management firm is part of Newark, N.J.-based Prudential Investment Management, Inc.

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