By Cristal Cody
Tupelo, Miss., Dec. 23 – Prudential Investment Management, Inc. affiliate PGIM, Inc. priced $616 million of notes in a third refinancing of a vintage 2014 collateralized loan obligation deal, according to a market source and notice of revised proposed supplemental indenture.
Dryden 36 Senior Loan Fund/Dryden 36 Senior Loan Fund LLC priced $434 million of class A-R3 senior secured floating-rate notes at Libor plus 102 basis points, $85.4 million of class B-R3 senior secured floating-rate notes at Libor plus 145 bps, $60.2 million of class C-R3 senior secured deferrable floating-rate notes at Libor plus 205 bps and $36.4 million class D-R3 senior secured deferrable floating-rate notes at Libor plus 369 bps.
Goldman, Sachs & Co. was the refinancing agent.
The refinanced notes are non-callable to but excluding June 11, 2021.
The CLO was originally issued Dec. 9, 2014 and was first refinanced on Dec. 21, 2016 and refinanced a second time on April 15, 2019.
PGIM originally sold $609.3 million of notes in the 2014 offering. In that transaction, the CLO priced $375 million of class A senior secured floating-rate notes at Libor plus 147 bps; $70.2 million of class B senior secured floating-rate notes at Libor plus 235 bps; $51.6 million of class C senior secured deferrable floating-rate notes at Libor plus 305 bps; $31.2 million of class D senior secured deferrable floating-rate notes at Libor plus 375 bps; $24.6 million of class E senior secured deferrable floating-rate notes at Libor plus 520 bps and $56.7 million of subordinated notes.
In the first refinancing, $714.05 million of notes were priced. The CLO sold $3.2 million of class X senior secured floating-rate notes at Libor plus 110 bps at par; $434 million class A-R notes at Libor plus 142 bps at par; $85.4 million class B-R notes at Libor plus 185 bps at par; $50.2 million class C-R notes at Libor plus 280 bps at par; $36.4 million class D-R notes at Libor plus 424 bps at a discount to yield Libor plus 445 bps; and $28.7 million class E-R notes at Libor plus 780 bps at a discount to yield Libor plus 810 bps, as well as subclass 1 subordinated notes totaling $56.7 million and subclass 2 subordinated notes totaling $9.45 million.
In the second refinancing, the CLO priced $3.2 million of class X-R2 floating-rate notes at Libor plus 65 bps; $434 million of class A-R2 floating-rate notes at Libor plus 128 bps; $85.4 million of class B-R2 floating-rate notes at Libor plus 175 bps; $60.2 million of class C-R2 deferrable floating-rate notes at Libor plus 240 bps; $36.4 million class D-R2 deferrable floating-rate notes at Libor plus 370 bps and $27.55 million of class E-R2 deferrable floating-rate notes at Libor plus 688 bps.
Proceeds from the third refinancing transaction were used to redeem the outstanding class A-R2, B-R2, C-R2 and D-R2 notes.
Prudential Investment Management is the primary asset management business of Newark-based Prudential Financial Inc.
| Issuer: | Dryden 36 Senior Loan Fund/Dryden 36 Senior Loan Fund LLC
|
| Amount: | $616 million refinancing
|
| Maturity: | April 15, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman, Sachs & Co.
|
| Manager: | PGIM, Inc.
|
| Call feature: | To but excluding June 11, 2021
|
| Settlement date: | Dec. 11
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R3 notes
|
| Amount: | $434 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-R3 notes
|
| Amount: | $85.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C-R3 notes
|
| Amount: | $60.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-R3 notes
|
| Amount: | $36.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 369 bps
|
| Ratings: | S&P: BBB-
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
