Chicago, July 6 – PGIM Ltd. refinanced the notes from the vintage Dryden 52 Euro CLO 2017 BV offering, according to multiple documents.
The notes now mature May 15, 2034.
The refinancing involves the €1.5 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, €246 million of class A senior secured floating-rate notes at Euribor plus 86 bps, €16 million of class B-1 senior secured floating-rate notes at Euribor plus 160 bps and €20 million of class B-2 2% senior secured fixed-rate notes.
Lower, the issuer refinanced €26 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 215 bps, €28 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 320 bps, €20 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 617 bps and €15.4 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 869 bps.
There are still €44.5 million of subordinated notes in the portfolio.
Barclays is the arranger and initial purchaser.
PGIM and PGIM Loan Originator Manager Ltd. will manage the CLO during the two-year reinvestment period.
The notes can be called after Jan. 2, 2023.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 52 Euro CLO 2017 BV
|
| Issue: | Floating-rate notes and fixed-rate notes
|
| Amount: | €372.9 million
|
| Maturity: | May 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Managers: | PGIM Ltd. and PGIM Loan Originator Manager Ltd.
|
| Call feature: | Jan. 2, 2023
|
| Settlement date: | July 2
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class A notes
|
| Amount: | €246 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Euribor plus 86 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €16 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior Secured fixed-rate notes
|
| Coupon: | 2%
|
| Price: | Par
|
| Ratings: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Mezzanine Secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Price: | Par
|
| Ratings: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Mezzanine Secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Price: | Par
|
| Ratings: | Moody's: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Mezzanine Secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 617 bps
|
| Price: | 99
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €15.4 million
|
| Securities: | Mezzanine Secured Deferrable floating-rate notes
|
| Coupon: | Euribor plus 869 bps
|
| Price: | 96.25
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
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