Chicago, Nov. 16 – PGIM, Inc. is refinancing and extended for $402.9 million the collateralized loan obligation issued by Dryden 112 CLO Ltd./Dryden 112 CLO LLC, according to a presale report.
The notes will mature on Nov. 15, 2036.
The CLO consists of $248 million of class A-R senior secured floating-rate notes at SOFR plus 170 basis points, $56 million of class B-R senior secured floating-rate notes at SOFR plus 260 bps, $24 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 305 bps, $24 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 450 bps, $15.8 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 775 bps and $35.1 million of subordinated notes.
The original transaction had $256 million of class A senior secured floating-rate notes at SOFR plus 205 bps, $47 million of class B senior secured floating-rate notes at SOFR plus 285 bps, $23.5 million of class C mezzanine secured floating-rate notes at SOFR plus 400 bps, $24.7 million of class D mezzanine secured floating-rate notes at SOFR plus 502 bps, $13.2 million of class E junior secured floating-rate notes at SOFR plus 778 bps, $1 million of class F junior secured floating-rate notes at SOFR plus 860 bps and $30 million of subordinated notes.
PGIM, Inc. will manage the collateral through the end of the reinvestment period on Nov. 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Nov. 15, 2025.
J.P. Morgan Securities LLC was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
Issuer: | Dryden 112 CLO Ltd./Dryden 112 CLO LLC
|
Issue: | Floating-rate notes and subordinated notes
|
Amount: | $402.9 million
|
Maturity: | Nov. 15, 2036
|
Structure: | Cash flow CLO
|
Placement agent: | J.P. Morgan Securities LLC
|
Manager: | PGIM, Inc.
|
Call feature: | Nov. 15, 2025
|
Pricing date: | Nov. 13
|
Settlement date: | Nov. 15
|
|
Class A-R notes
|
Amount: | $248 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 170 bps
|
Rating: | S&P: AAA
|
|
Class B-R notes
|
Amount: | $56 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 260 bps
|
Rating: | S&P: AA
|
|
Class C-R notes
|
Amount: | $24 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 305 bps
|
Rating: | S&P: A
|
|
Class D-R notes
|
Amount: | $24 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 450 bps
|
Rating: | S&P: BBB-
|
|
Class E-R notes
|
Amount: | $15.8 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 775 bps
|
Rating: | S&P: BB-
|
|
Subordinated notes
|
Amount: | $35.1 million
|
Securities: | Subordinated notes
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.