By Cristal Cody
Tupelo, Miss., Nov. 4 – PGIM, Inc. priced a €358 million euro-denominated broadly syndicated collateralized loan obligation, according to market sources.
Dryden 79 Euro CLO 2020 DAC sold €203 million of class A senior secured floating-rate notes at Euribor plus 120 basis points, €17.1 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps and €17.9 million of 2.2% class B-2 senior secured fixed-rate notes.
The CLO priced €28 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 280 bps; €17.5 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 425 bps; €24.5 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 678 bps; €7 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 777 bps and €43 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
PGIM Loan Originator Manager Ltd. will manage the CLO.
The notes are due Jan. 18, 2034.
The issue is collateralized mostly by senior secured obligations.
PGIM has priced two new euro-denominated CLOs year to date.
The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 79 Euro CLO 2020 DAC
|
| Amount: | €358 million
|
| Maturity: | Jan. 18, 2034
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | PGIM Loan Originator Manager Ltd.
|
| Call feature: | Two years
|
| Settlement date: | Dec. 2
|
|
|
| Class A notes
|
| Amount: | €203 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €17.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €17.9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.2%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €17.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €32,625,000
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 678 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €24.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 777 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €43 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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