Chicago, May 16 – PGIM, Inc. sold $499.75 million in a collateralized loan obligation issued by Dryden 109 CLO, Ltd., according to a press release and a listing from PGIM.
The notes will mature on April 20, 2035.
The CLO consists of $107 million of class A-1 senior secured floating-rate loans at SOFR plus 138 basis points, $208 million of class A1 senior secured floating-rate notes at SOFR plus 138 bps, $5 million of class A2 senior secured floating-rate notes at SOFR plus 165 bps, $60 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $30 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 235 bps, $30 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 340 bps, $20 million of class E junior secured deferrable floating-rate notes at SOFR plus 725 bps and $39.75 million of subordinated notes.
PGIM, Inc. will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of a portfolio of broadly syndicated senior secured corporate loans.
The notes can be called starting April 20, 2024.
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 109 CLO, Ltd.
|
| Issue: | Floating-rate loans, floating-rate notes and subordinated notes
|
| Amount: | $499.75 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | PGIM, Inc.
|
| Call feature: | April 20, 2024
|
| Settlement date: | April 27
|
|
|
| Class A-1 loans
|
| Amount: | $107 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 138 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A1 notes
|
| Amount: | $208 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 138 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 340 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 725 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $39.75 million
|
| Securities: | Subordinated notes
|
|
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