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PGIM brings $873.81 million third CLO refinancing; FS KKR wraps middle-market reprint
By Cristal Cody
Tupelo, Miss., Dec. 22 – The CLO refinancing market remains active headed into the year end with a third reported refinancing of a vintage 2014 CLO.
PGIM, Inc. sold $873.81 million of notes in the third print of the Dryden 33 Senior Loan Fund/Dryden 33 Senior Loan Fund LLC deal.
In other refinancing activity, FS KKR Capital Corp. closed Tuesday on its previously reported $512.5 million refinancing and reset of the 2019 vintage FS KKR MM CLO 1 Ltd./FS KKR MM CLO 1 LLC transaction.
The middle-market CLO sold $281.4 million of the class A-1R floating-rate notes due Jan. 15, 2031 at Libor plus 185 basis points.
In the original deal issued on June 25, 2019, the CLO priced $299.4 million of class A-1 floating-rate notes at Libor plus 170 bps.
More than $32 billion of CLOs have been refinanced year to date, market sources report.
Dryden 33 CLO refinances
PGIM sold $873.81 million of notes due April 15, 2029 in the Dryden 33 Senior Loan Fund CLO refinancing, according to a market source and a notice of executed supplemental indenture.
Dryden 33 Senior Loan Fund priced $629,806,857 of class A-R3 senior secured floating-rate notes at Libor plus 100 bps in the senior tranche.
Citigroup Global Markets Inc. was the refinancing agent.
The CLO was first refinanced on Nov. 22, 2016. In that offering, the CLO priced $630 million of class A-R floating-rate notes at Libor plus 143 bps.
Dryden 33 Senior Loan Fund was reset on March 15, 2019 and priced $630 million of the class A-R2 floating-rate notes at Libor plus 123 bps.
The original transaction was issued May 7, 2014.
The CLO is collateralized primarily by broadly syndicated first lien senior secured corporate loans.
PGIM is part of Newark, N.J.-based Prudential Financial, Inc.
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