By Cristal Cody
Tupelo, Miss., March 14 – Prudential Investment Management, Inc. affiliate PGIM, Inc. priced $714.5 million of notes due April 15, 2028 in the Dryden 47 Senior Loan Fund collateralized loan obligation deal, according to a market source.
The CLO priced $434 million of class A-1 senior secured floating-rate notes at Libor plus 124 basis points and $35 million of class A-2 senior secured floating-rate notes at Libor plus 135 bps.
Dryden 47 also sold $48.3 million of class B senior secured floating-rate notes at Libor plus 155 bps; $51.1 million class C senior secured deferrable floating-rate notes at Libor plus 220 bps; $43.4 million class D senior secured deferrable floating-rate notes at Libor plus 340 bps; $32.2 million class E senior secured deferrable floating-rate notes at Libor plus 620 bps and $10.5 million of class F senior secured deferrable floating-rate notes at Libor plus 715 bps.
The deal included $60 million of subordinated notes as equity.
Goldman Sachs & Co. was the placement agent.
PGIM will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The deal is secured primarily by broadly syndicated first-lien senior secured loans.
Prudential Investment Management priced three U.S. CLOs and refinanced two vintage U.S. CLOs in 2016.
PGIM is the primary investment management business of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 47 Senior Loan Fund
|
| Amount: | $714.5 million
|
| Maturity: | April 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | PGIM, Inc.
|
| Call feature: | Two years
|
| Pricing date: | March 7
|
| Settlement date: | April 7
|
|
|
| Class A-1 notes
|
| Amount: | $434 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 124 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $48.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $51.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $43.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $32.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 620 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 715 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $60 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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