Chicago, Feb. 22 – PGIM Inc. sold $557.13 million in a collateralized loan obligation being issued by Dryden 98 CLO Ltd./Dryden 98 CLO LLC, according to a pre-sale report.
The notes will mature on April 20, 2035.
The CLO consists of $352 million of class A senior secured floating-rate notes at SOFR plus 130 basis points, $58.5 million of class B-1 senior secured floating-rate notes at SOFR plus 175 bps, $7.5 million of class B-2 3.03% senior secured fixed-rate notes, $33 million of class C senior secured deferrable floating-rate notes at SOFR plus 205 bps, $33 million of class D senior secured deferrable floating-rate notes at SOFR plus 310 bps, $20.63 million of class E senior secured deferrable floating-rate notes at SOFR plus 640 bps and $52.5 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on April 20, 2027.
The notes will be backed by senior secured loans, cash and eligible investments with most borrowers based in either the United States or Canada.
The notes can be called starting April 20, 2024.
Goldman Sachs and Co. LLC is the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
Issuer: | Dryden 98 CLO Ltd./Dryden 98 CLO LLC
|
Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
Amount: | $557.13 million
|
Maturity: | April 20, 2035
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Structure: | Cash flow CLO
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Placement agent: | Goldman Sachs and Co. LLC
|
Manager: | PGIM Inc.
|
Call feature: | April 20, 2024
|
Settlement date: | March 17
|
|
Class A notes
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Amount: | $352 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 130 bps
|
Rating: | S&P: AAA
|
|
Class B-1 notes
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Amount: | $58.5 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 175 bps
|
Rating: | S&P: AA
|
|
Class B-2 notes
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Amount: | $7.5 million
|
Securities: | Senior secured fixed-rate notes
|
Coupon: | 3.03%
|
Rating: | S&P: AA
|
|
Class C notes
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Amount: | $33 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 205 bps
|
Rating: | S&P: A
|
|
Class D notes
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Amount: | $33 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 310 bps
|
Rating: | S&P: BBB-
|
|
Class E notes
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Amount: | $20.63 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 640 bps
|
Rating: | S&P: BB-
|
|
Subordinated notes
|
Amount: | $52.5 million
|
Securities: | Subordinated notes
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