Chicago, June 29 – PGIM Inc. priced $395.6 million in a collateralized loan obligation being issued by Dryden 107 CLO Ltd./Dryden 107 CLO LLC, according to a presale report.
The notes will mature on Aug. 15, 2028.
The CLO consists of $246 million of class A-1 senior secured floating-rate notes at SOFR plus 175 basis points, $14 million of class A-2 senior secured floating-rate notes at SOFR plus 225 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 265 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 320 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 525 bps, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 830 bps and $33.6 million of subordinated notes.
PGIM Inc. will manage the collateral through the end of the reinvestment period on Aug. 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Aug. 15, 2025.
Goldman Sachs & Co., LLC was the placement agent.
The investment management firm is a subsidiary of Newark, N.J.-based Prudential Financial Inc.
| Issuer: | Dryden 107 CLO Ltd./Dryden 107 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $395.6 million
|
| Maturity: | Aug. 15, 2028
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co., LLC
|
| Manager: | PGIM Inc.
|
| Call feature: | Aug. 15, 2025
|
| Settlement date: | Aug. 21
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 830 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $33.6 million
|
| Securities: | Subordinated notes
|
|
|
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