PGIM sells $398.4 million CLO; Bain issues $446.38 million; Carlson reprices $65 million

By Cristal Cody

Tupelo, Miss., Oct. 21 – CLO pricing action includes two new issues in the broadly syndicated primary market and a refinancing of a vintage 2018 CLO.

PGIM, Inc. priced $398.4 million of notes in the manager’s third broadly syndicated CLO offering of the year.

In addition, Bain Capital Credit LP issued $446.38 million of notes in its third CLO deal of 2020.

Looking at refinancing activity, Carlson CLO Advisors LLC refinanced $65 million of notes in two tranches from the Cathedral Lake V Ltd./Cathedral Lake V LLC transaction.

New issue broadly syndicated CLO volume totals more than $60 billion year to date, while about $30 billion of CLO notes have been refinanced this year, according to market sources.

In its deal, PGIM priced $398.4 million of notes due Oct. 15, 2032 in the new CLO deal, according to market sources.

Dryden 85 CLO, Ltd./Dryden 85 CLO, LLC sold $181 million of class A-1 floating-rate notes at Libor plus 135 basis points at the top of the capital structure.

Separately, Bain Capital Credit issued $446,375,000 of notes due Oct. 23, 2032 in its CLO offering, according to market sources.

Bain Capital Credit CLO 2020-3 Ltd./Bain Capital Credit CLO 2020-3 LLC sold $279 million of the class A floating-rate notes at Libor plus 138 bps.

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