By Cristal Cody
Tupelo, Miss., July 23 – PGIM, Inc. priced $554.4 million of notes due July 20, 2029 in a second refinancing of the Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC deal, according to a market source.
The CLO sold $2.4 million of class X-R amortizing senior secured floating-rate notes at Libor plus 60 basis points; $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.
BNP Paribas Securities Corp. was the refinancing placement agent.
PGIM will continue to manage the CLO.
In the original $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 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.
Proceeds from the latest transaction were used to redeem the outstanding notes.
The CLO is collateralized primarily by broadly syndicated senior secured loans.
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
|
| Amount: | $554.4 million refinancing
|
| Maturity: | July 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | PGIM, Inc.
|
| Settlement date: | July 22
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $2.4 million
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Moody’s: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | $381 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-RR notes
|
| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-RR notes
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| Amount: | $30 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | Moody’s: Ba3
|
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