Dryden 35 Euro CLO 2014 gets waivers, refinances rated notes due 2027

By Tali Rackner

Minneapolis, May 16 – Dryden 35 Euro CLO 2014 BV obtained the necessary waivers and redeemed six classes of notes due 2027, according to a notice.

The following were redeemed at par plus accrued interest on May 16 using refinancing proceeds:

• €232.1 million of class A-1A senior secured floating-rate notes;

• €15.8 million of class A-1B senior secured fixed-rate notes;

• €19 million of class B-1A senior secured floating-rate notes;

• €33.7 million of class B-1B senior secured fixed-rate notes;

• €31.9 million of class C mezzanine secured deferrable floating-rate notes; and

• €21.2 million of class D mezzanine secured deferrable floating-rate notes.

The waivers were related to the way costs will be paid and received, a required notice period and the rights of subordinated noteholders pertaining to the new refinancing notes.

Deutsche Trustee Co. Ltd. is the trustee.

PGIM Ltd., formerly Pramerica Investment Management Ltd. is the collateral manager.

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