By Cristal Cody
Tupelo, Miss., Nov. 21- Pramerica Investment Management Ltd. priced an upsized €414.75 million of notes due Jan. 15, 2026 in the firm's second European collateralized loan obligation deal brought in 2013, according to informed market sources.
The offering was upsized from about €300 million, a source said.
In the Dryden 29 Euro CLO 2013 BV transaction, Pramerica priced €150.25 million of class A-1A senior secured floating-rate notes (Aaa/AAA/) at Euribor plus 140 basis points; €75 million of 2.61% class A-1B senior secured fixed-rate notes (Aaa/AAA/); €25.5 million of class B-1A senior secured floating-rate notes (Aa2/AA/) at Euribor plus 200 bps; €25 million of 3.5% class B-1B senior secured fixed-rate notes (Aa2/AA/); €32.75 million of class C mezzanine secured deferrable floating-rate notes (A2/A/) at Euribor plus 300 bps; €23.25 million of class D mezzanine secured deferrable floating-rate notes (Baa2/BBB/) at Euribor plus 380 bps; €22 million of class E mezzanine secured deferrable floating-rate notes (Ba2/BB/) at Euribor plus 525 bps; €17.5 million of class F mezzanine secured deferrable floating-rate notes (B2/B-/) at Euribor plus 625 bps; and €43.5 million of subordinated notes.
BofA Merrill Lynch arranged the deal.
The notes have a non-call period set to end in January 2016 and a reinvestment period scheduled to end in January 2018.
The CLO is backed by a revolving pool of euro-denominated broadly syndicated senior secured corporate loans and bonds.
Pramerica Investment Management, the London-based leveraged finance arm of Newark, N.J.-based Prudential Financial, Inc., will manage the CLO.
The firm closed in May on the €300 million Dryden XXVII Euro CLO 2013 BV deal.
| Issuer: | Dryden 29 Euro CLO 2013 BV
|
| Amount: | €414.75 million
|
| Maturity: | Jan. 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Pramerica Investment Management Ltd.
|
| Call feature: | January 2016
|
| Settlement date: | Dec. 19
|
|
|
| Class A-1A notes
|
| Amount: | €150.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.61%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1A notes
|
| Amount: | €25.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
|
|
| Class B-1B notes
|
| Amount: | €25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.5%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | €32.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | €23.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | €22 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | €17.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
|
|
| Equity tranche
|
| Amount: | €43.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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