Chicago, April 19 – PGIM Inc. refinanced for $513.07 million the collateralized loan obligation issued by Dryden 78 CLO Ltd./Dryden 78 CLO LLC originally in March 2020, according to a presale report.
The notes will mature on April 17, 2037.
The CLO consists of $320 million of class A-1-R senior secured floating-rate notes at SOFR plus 153 basis points, $10 million of class A-2-R senior secured floating-rate notes at SOFR plus 173 bps, $37 million of class B-1-R senior secured floating-rate notes at SOFR plus 195 bps, $13 million of class B-2-R senior secured floating-rate notes at SOFR plus 220 bps, $20 million of class C-1-R senior secured deferrable floating-rate notes at SOFR plus 245 bps, $10 million of class C-2-R 6.67% senior secured deferrable fixed-rate notes, $15.5 million of class D-1A-R senior secured deferrable floating-rate notes at SOFR plus 375 bps, $9.5 million of class D-1B-R 7.72% senior secured deferrable fixed-rate notes, $10 million of class D-2-R senior secured deferrable floating-rate notes at SOFR plus 575 bps, $8.5 million of class E-1-R senior secured deferrable floating-rate notes at SOFR plus 770 bps, $6.5 million of class E-2-R senior deferrable floating-rate notes at SOFR plus 663 bps and $53.07 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on April 17, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 17, 2026.
Goldman Sachs & Co. LLC was the placement agent.
In the original CLO the portfolio had $320 million of class A floating-rate notes at Libor plus 118 bps, $60 million of class B floating-rate notes at Libor plus 150 bps, $30 million of class C floating-rate notes at Libor plus 195 bps, $30 million of class D floating-rate notes at Libor plus 300 bps, $19.5 million of class E floating-rate notes at Libor plus 660 bps and $45.12 million of subordinated notes.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 78 CLO Ltd./Dryden 78 CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $513.07 million
|
| Maturity: | April 17, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | PGIM Inc.
|
| Call feature: | April 17, 2026
|
| Pricing date: | April 12
|
| Settlement date: | April 17
|
|
|
| Class A-1-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 173 bps
|
| Rating: | S&P: AA+
|
|
|
| Class B-1-R notes
|
| Amount: | $37 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $13 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-1-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6.67%
|
| Rating: | S&P: BBB
|
|
|
| Class D-1A-R notes
|
| Amount: | $15.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-1B-R notes
|
| Amount: | $9.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 7.72%
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 575 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-1-R notes
|
| Amount: | $8.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 770 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-2-R notes
|
| Amount: | $6.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 663 bps
|
|
|
| Subordinated notes
|
| Amount: | $53.07 million
|
| Securities: | Subordinated notes
|
|
|
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