By Cristal Cody
Tupelo, Miss., Feb. 5 – Prudential Investment Management, Inc.’s asset management business, PGIM, Inc., priced $423.09 million of notes due May 15, 2031 in the Dryden 57 CLO, Ltd./Dryden 57 CLO, LLC transaction, according to a market source on Monday.
The CLO sold $4 million of class X floating-rate notes at Libor plus 60 basis points; $269.75 million of class A floating-rate notes at Libor plus 101 bps; $45.65 million of class B floating-rate notes at Libor plus 135 bps; $24.9 million of class C floating-rate notes at Libor plus 170 bps; $24.9 million class D floating-rate notes at Libor plus 255 bps; $16.6 million of class E floating-rate notes at Libor plus 520 bps and $37.29 million of subordinated notes.
Deutsche Bank Securities Inc. was the placement agent.
PGIM is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a portfolio of mostly senior secured leveraged loans.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
PGIM, part of Newark, N.J.-based Prudential Investment Management, refinanced four vintage dollar-denominated CLOs in 2017.
Issuer: | Dryden 57 CLO, Ltd./Dryden 57 CLO, LLC
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Amount: | $423.09 million
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Maturity: | May 15, 2031
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Deutsche Bank Securities Inc.
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Manager: | PGIM, Inc.
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Call feature: | Two years
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Settlement date: | March 15
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Distribution: | Rule 144A, Regulation S
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Class X notes
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Amount: | $4 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 60 bps
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Rating: | Fitch: AAA
|
|
Class A notes
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Amount: | $269.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 101 bps
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Ratings: | Non-rated
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Class B notes
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Amount: | $45.65 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 135 bps
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Ratings: | Non-rated
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Class C notes
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Amount: | $24.9 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 170 bps
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Ratings: | Non-rated
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Class D notes
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Amount: | $24.9 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 255 bps
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Ratings: | Non-rated
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Class E notes
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Amount: | $16.6 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 520 bps
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Ratings: | Non-rated
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|
Equity
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Amount: | $37.29 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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