Chicago, Feb. 14 – PGIM Loan Originator Manager Ltd. refinanced €372 million of the collateralized loan obligation issued by Dryden 69 Euro CLO 2018 DAC, according to a document with the listing particulars.
The notes will mature on Oct. 18, 2034.
The refinanced CLO consists of €248 million of class A-R senior secured floating-rate notes at Euribor plus 98 basis points, €14 million of class B-1-R senior secured floating-rate notes at Euribor plus 180 bps, €18 million of class B-2-R 1.95% senior secured fixed-rate notes, €12 million of class C-1-R mezzanine secured deferrable floating-rate notes at Euribor plus 230 bps, €14 million of class C-2-R 2.5% mezzanine secured deferrable fixed-rate notes, €29 million of class D-R mezzanine secured deferrable floating-rate notes at Euribor plus 360 bps, €25 million of class E-R mezzanine secured deferrable floating-rate notes at Euribor plus 637 bps and €12 million of class F-R mezzanine secured deferrable floating-rate notes at Euribor plus 882 bps.
There is still a subordinated note class for €40.4 million that was not part of the refinancing.
The original CLO had sold €2 million of class X senior secured floating-rate notes at Euribor plus 44 bps at par, €226.1 million of class A-1 senior secured floating-rate notes at Euribor plus 109 bps at par, €11.9 million of 1.25% class A-2 senior secured fixed-rate notes at par and €8 million of class A-3 senior secured floating-rate notes at Euribor plus 140 bps at par.
Additionally, there were €22.9 million of class B-1 senior secured floating-rate notes at Euribor plus 175 bps at par and €13.1 million of 2.35% class B-2 senior secured fixed-rate notes at par.
Lower, there were €6 million of class C-1 mezzanine secured deferrable floating-rate notes at Euribor plus 265 bps at par; €20 million of 3.1% class C-2 mezzanine secured deferrable fixed-rate notes at par; €26.5 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 400 bps at par; €22.6 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 629 bps at 96; €10.3 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 843 bps.
PGIM Loan Originator Manager Ltd. will manage the collateral through the end of the reinvestment period on July 18, 2026.
The assets backing the notes will be senior secured loans, senior secured bonds, corporate rescue obligations, senior obligations, second-lien loans, mezzanine obligations, high-yield bonds and loss mitigation obligations.
The notes can be called starting May 23, 2023.
BNP Paribas was the placement agent.
PGIM is an investment management firm and part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 69 Euro CLO 2018 DAC
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Amount: | €372 million
|
| Maturity: | Oct. 18, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas
|
| Manager: | PGIM Loan Originator Manager Ltd.
|
| Call feature: | May 23, 2023
|
| Settlement date: | Nov. 22
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €14 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €18 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-1-R notes
|
| Amount: | €12 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class C-2-R notes
|
| Amount: | €14 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €29 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 637 bps
|
| Price: | 98
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | €12 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 882 bps
|
| Price: | 96.5
|
| Rating: | Moody's: B3
|
| Fitch: B-
|
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