Chicago, May 19 – PGIM Inc. sold $505.8 million in a collateralized loan obligation being issued by Dryden 94 CLO Ltd./Dryden 94 CLO LLC, according to a presale report.
The notes will mature on July 15, 2037.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 144 basis points, $60 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 235 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 355 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 710 bps and $45.8 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting June 9, 2024.
RBC Capital Markets was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 94 CLO Ltd./Dryden 94 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $505.8 million
|
| Maturity: | July 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets
|
| Manager: | PGIM Inc.
|
| Call feature: | June 9, 2024
|
| Settlement date: | June 9
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 144 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 355 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 710 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.8 million
|
| Securities: | Subordinated notes
|
|
|
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