By Cristal Cody
Eureka Springs, Ark., Nov. 18 – Prudential Investment Management, Inc. affiliate PGIM, Inc. refinanced $937.35 million of notes in a vintage 2014 collateralized loan obligation deal, according to details from a market source.
Dryden 33 Senior Loan Fund priced $630 million of class A-R floating-rate notes at Libor plus 143 basis points; $113 million of class B-R floating-rate notes at Libor plus 185 bps; $80 million of class C-R floating-rate notes at Libor plus 250 bps; $51 million class D-R floating-rate notes at Libor plus 435 bps and $44 million of class E-R floating-rate notes at Libor plus 754 bps.
The reset of the 2014 transaction also included $19.35 million of subordinated notes in an equity tranche.
Goldman Sachs & Co. was the refinancing agent.
PGIM is the CLO manager.
The maturity on the refinanced notes was extended to Oct. 15, 2028 from the original July 15, 2026 maturity. In addition, the refinanced deal was structured to comply with Volcker regulations.
Proceeds from the transaction will be used to redeem the original notes.
Prudential Investment Management has priced three U.S. CLOs and refinanced two vintage U.S. CLOs year to date.
The primary asset management business of Newark, N.J.-based Prudential Financial Inc. priced four CLO deals in 2015.
| Issuer: | Dryden 33 Senior Loan Fund
|
| Amount: | $937.35 million refinancing
|
| Maturity: | Oct. 15, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co.
|
| Manager: | PGIM, Inc.
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 22
|
|
|
| Class A-R notes
|
| Amount: | $630 million
|
| Coupon: | Libor plus 143 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $113 million
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $80 million
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $51 million
|
| Coupon: | Libor plus 435 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $44 million
|
| Coupon: | Libor plus 754 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $19.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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