Dryden 39 Euro CLO 2015 subordinated holders OK extension, amendments

By Wendy Van Sickle

Columbus, Ohio, Oct. 12 – Dryden 39 Euro CLO 2015 BV said the requisite majority of its subordinated noteholders agreed to a written resolution consenting to some amendments and the extension of the subordinated notes and its refinancing notes to be issued on Oct. 12.

The maturity date of the subordinated and refinancing notes will now be Oct. 15, 2031, pushed back from 2029.

For the refinancing notes, the principal amount outstanding, applicable margin and issue price will be as follow:

• €6 million of class X notes with a floating rate of Euribor plus 35 basis points and a par issue price;

• €299.4 million of class A-R notes with a floating rate of Euribor plus 87 bps and a par issue price;

• €29.4 million of class B-1-R notes with a floating rate of Euribor plus 135 bps and a par issue price;

• €33.5 million of class B-2-R notes with a fixed rate of 2.05% and a par issue price;

• €34.9 million of class A-R notes with a floating rate of Euribor plus 190 bps and a par issue price;

• €26.3 million of class D-R notes with a floating rate of Euribor plus 290 bps and a par issue price;

• €21.5 million of class E-R notes with a floating rate of Euribor plus 497 bps and a 98.1 issue price; and

• €17.2 million of class F-R notes with a floating rate of Euribor plus 655 bps and a 95 issue price;

There will be a two-year non-call period, and the reinvestment period will last through the earliest of Oct. 15, 2021, the date of the acceleration of the notes related to a default or the date the collateral manager notifies the issuer, ratings agencies and trustees that it can no longer reinvest in accordance with its criteria.

U.S. Bank Trustees Ltd. is the trustee.

PGIM Ltd. is the collateral manager.

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