Chicago, April 29 – PGIM, Inc. refinance $622.6 million of notes from the Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC deal, according to a notice.
The maturity date has been pushed to April 20, 2034 from July 20, 2029.
The transaction now has $416.7 million of class A-R2 senior secured floating-rate notes at Libor plus 104 basis points and $58.1 million of class B-1-R2 senior secured floating-rate notes at Libor plus 160 bps, $20 million of class B-2-R2 3.09% senior secured fixed-rate notes.
There are also $39.1 million of class C-R2 mezzanine secured deferrable floating-rate notes at Libor plus 180 bps, $39 million of class D-R3 mezzanine secured deferrable floating-rate notes at Libor plus 325 bps and $26 million of class E-R3 junior secured deferrable floating-rate notes at Libor plus 640 bps.
An additional $23.7 million of subordinated notes are part of the CLO.
This is an addition to the original $55.5 million of subordinated notes that will remain outstanding.
PGIM is still managing the portfolio through the extended five-year reinvestment period.
Collateral for the notes primarily comes from first-lien senior secured loans and eligible investments.
The CLO has previously been refinanced.
In the last refinancing, the CLO sold $2.4 million of class X-R amortizing senior secured floating-rate notes at Libor plus 60 bps; $381 million of class A-R senior secured floating-rate notes at Libor plus 114 bps; $75 million of class B-R senior secured floating-rate notes at Libor plus 175 bps; $33 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 240 bps; $33 million of class D-RR mezzanine secured deferrable floating-rate notes at Libor plus 355 bps and $30 million of class E-RR junior secured deferrable floating-rate notes at Libor plus 670 bps.
The original CLO had $612.32 million offering issued Aug. 22, 2016, the CLO priced $4.8 million of class X floating-rate notes at Libor plus 190 bps; $381 million of class A floating-rate notes at Libor plus 154 bps; $75 million of class B floating-rate notes at Libor plus 200 bps; $33 million of class C floating-rate notes at Libor plus 270 bps; $33 million of class D floating-rate notes at Libor plus 410 bps; $30 million of class E floating-rate notes at Libor plus 725 bps and $55.52 million of subordinated notes.
The CLO was also partially refinanced on July 20, 2018. In that reprint, the CLO priced $33 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 310 bps and $30 million of class E-R junior secured deferrable floating-rate notes at Libor plus 610 bps.
Goldman Sachs & Co. LLC is the placement agent.
The notes can be called after April 20, 2023.
The asset management firm is part of Newark, N.J.-based Prudential Investment Management, Inc.
| Issuer: | Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $622.6 million
|
| Maturity: | April 20, 2034
|
| Agent: | Goldman Sachs & Co. LLC
|
| Manager: | PGIM, Inc.
|
| Call: | April 20, 2023
|
| Announcement date: | April 20
|
| Settlement date: | April 20
|
|
|
| Class A-R2 notes
|
| Amount: | $416.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 104 bps
|
| Ratings: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B-1-R2 notes
|
| Amount: | $58.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.09%
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $39.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R3 notes
|
| Amount: | $39 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R3 notes
|
| Amount: | $26 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $23.7 million
|
| Securities: | Subordinated notes
|
|
|
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