Chicago, March 7 – PGIM Inc. sold $504.6 million in a collateralized loan obligation being issued by Dryden 115 CLO Ltd./Dryden 115 CLO LLC, according to a presale report.
The notes will mature on April 18, 2037.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes at SOFR plus 150 basis points, $40 million of class A-2 senior secured floating-rate notes at SOFR plus 170 bps, $40 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $20 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 225 bps, $10 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 270 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 380 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 710 bps and $44.6 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on April 18, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 18, 2026.
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 115 CLO Ltd./Dryden 115 CLO LLC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $504.6 million
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Maturity: | April 18, 2037
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | PGIM Inc.
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Call feature: | April 18, 2026
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Pricing date: | Feb. 28
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Settlement date: | March 25
|
|
Class A-1 notes
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Amount: | $300 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 150 bps
|
Rating: | S&P: AAA
|
|
Class A-2 notes
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Amount: | $40 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 170 bps
|
|
Class B notes
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Amount: | $40 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 200 bps
|
Rating: | S&P: AA
|
|
Class C-1 notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 225 bps
|
Rating: | S&P: A+
|
|
Class C-2 notes
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Amount: | $10 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 270 bps
|
Rating: | S&P: A
|
|
Class D notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 380 bps
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Rating: | S&P: BBB-
|
|
Class E notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 710 bps
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Rating: | S&P: BB-
|
|
Subordinated notes
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Amount: | $44.6 million
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Securities: | Subordinated notes
|
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