By Cristal Cody
Eureka Springs, Ark., July 26 – Prudential Investment Management, Inc. sold $612.32 million of notes in a collateralized loan obligation deal, according to a market source.
Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC priced $4.8 million of class X floating-rate notes at Libor plus 190 basis points; $381 million of class A floating-rate notes at Libor plus 154 bps; $75 million of class B floating-rate notes at Libor plus 200 bps; $33 million of class C floating-rate notes at Libor plus 270 bps; $33 million of class D floating-rate notes at Libor plus 410 bps; $30 million of class E floating-rate notes at Libor plus 725 bps and $55.52 million of subordinated notes.
Deutsche Bank Securities Inc. was the placement agent.
Prudential Investment Management has tapped the U.S. primary market twice year to date.
The primary asset management business of Newark, N.J.-based Prudential Financial Inc. priced four CLO deals in 2015.
| Issuer: | Dryden 43 Senior Loan Fund/Dryden 43 Senior Loan Fund LLC
|
| Amount: | $612.32 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Prudential Investment Management, Inc.
|
| Pricing date: | July 15
|
|
|
| Class X notes
|
| Amount: | $4.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $381 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 154 bps
|
| Expected ratings: Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Expected rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Expected rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $55.52 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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