Dryden 38 Senior Loan Fund proposes supplemental indenture to refinance secured notes

By Wendy Van Sickle

Columbus, Ohio, Aug. 3 – Dryden 38 Senior Loan Fund/Dryden 38 Senior Loan Fund LLC has proposed a first supplemental indenture in connection with the proposed redemption in whole of each class of secured notes from refinancing proceeds, according to a notice from trustee U.S. Bank NA.

The issuer plans to separately request consent to the amendments set forth in the proposed first supplemental indenture from the holders of the subordinated notes.

The issuer sold $4 million of class X floating-rate notes at Libor plus 100 basis points; $310 million of class A floating-rate notes at Libor plus 143 bps; $72.5 million of class B floating-rate notes at Libor plus 200 bps; $25 million of class C floating-rate notes at Libor plus 290 bps; $13.75 million of class D-1 floating-rate notes at Libor plus 355 bps; $13.75 million of class D-2 floating-rate notes at Libor plus 410 bps; $25 million of class E floating-rate notes at Libor plus 605 bps and $51.2 million of subordinated notes on March 25, 2015.

The issuer would replace the class X, A, B, C, D-1, D-2 and E notes with class A-1-R, A-2-R, B-R, C-R, D-R and E-R refinancing notes.

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