Chicago, Jan. 13 – PGIM Loan Originator Manager Ltd. and PGIM Ltd. will manage the €382.9 million collateralized loan obligation issued by Dryden 103 Euro CLO 2021 DAC, according to multiple press releases.
The notes will mature on Jan. 19, 2036.
The CLO consists of €236 million of class A senior secured floating-rate notes at Euribor plus 220 basis points, €21 million of class B-1 senior secured floating-rate notes at Euribor plus 389 bps, €20 million of class B-2 7.5% senior secured fixed-rate notes, €21 million of class C mezzanine secured deferrable floating-rate notes at Euribor plus 469 bps, €28 million of class D mezzanine secured deferrable floating-rate notes at Euribor plus 634 bps, €16.5 million of class E mezzanine secured deferrable floating-rate notes at Euribor plus 849 bps, €13.5 million of class F mezzanine secured deferrable floating-rate notes at Euribor plus 1104 bps and €26.9 million of subordinated notes.
PGIM Loan Originator Manager Ltd. and PGIM Ltd. will manage the collateral through the end of the reinvestment period on Jan. 19, 2028.
Collateral for the notes consists of senior secured obligations comprised of senior, mezzanine, second-lien loans and high-yield bonds.
The notes can be called starting Dec. 9, 2024.
Natixis, London Branch was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 103 Euro CLO 2021 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €382.9 million
|
| Maturity: | Jan. 19, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis, London Branch
|
| Manager: | PGIM Loan Originator Manager Ltd. and PGIM Ltd.
|
| Call feature: | Dec. 9, 2024
|
| Settlement date: | Dec. 8
|
|
|
| Class A notes
|
| Amount: | €236 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €21 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Euribor plus 389 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7.5%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 469 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 634 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €16.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 849 bps
|
| Rating: | Fitch:
|
|
|
| Class F notes
|
| Amount: | €13.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 1104 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | €26.9 million
|
| Securities: | Subordinated notes
|
|
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