Chicago, Feb. 14 – PGIM Loan Originator Manager Ltd. and PGIM Ltd. refinanced for €503.33 million the collateralized loan obligation issued by Dryden 79 Euro CLO 2020 DAC, according to an indenture.
The notes will mature on 2035.
The CLO consists of €2 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €307.5 million of class A-R senior secured floating-rate notes at Euribor plus 96 bps, €23.23 million of class B-1-R senior secured floating-rate notes at Euribor plus 170 bps, €20 million of class B-2-R senior secured floating-rate notes at Euribor plus 220 bps, €31.75 million of class C-R mezzanine secured deferrable floating-rate notes at Euribor plus 240 bps, €35.75 million of class D-R mezzanine secured deferrable floating-rate notes at Euribor plus 365 bps, €30.25 million of class E-R mezzanine secured deferrable floating-rate notes at Euribor plus 647 bps, €16.5 million of class F-R mezzanine secured deferrable floating-rate notes at Euribor plus 820 bps and €36.35 million of subordinated notes.
Originally, the CLO sold €203 million of class A senior secured floating-rate notes at Euribor plus 120 bps, €17.1 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps and €17.9 million of 2.2% class B-2 senior secured fixed-rate notes.
The CLO priced €28 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 280 bps; €17.5 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 425 bps; €24.5 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 678 bps; €7 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 777 bps and €43 million of subordinated notes.
PGIM Loan Originator Manager Ltd. and PGIM Ltd. will manage the collateral through the end of the reinvestment period on Jan. 18, 2027.
The notes can be called starting Jan. 18, 2024.
Credit Suisse International was the placement agent.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 79 Euro CLO 2020 DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €503.33 million
|
| Maturity: | 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse International
|
| Managers: | PGIM Loan Originator Manager Ltd. and PGIM Ltd.
|
| Call feature: | Jan. 18, 2024
|
| Settlement date: | Jan. 17
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | €307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €23.23 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €31.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €35.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €30.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 647 bps
|
| Price: | 98
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | €16.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 820 bps
|
| Price: | 93
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €36.35 million
|
| Securities: | Subordinated notes
|
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