Dryden 32 Euro CLO 2014 (Refinancing): 28 August 2018

Dryden 32 is a managed cash flow collateralised loan obligation and is the sixth all-European Dryden CLO. The Dryden 32 portfolio is invested mainly in European leveraged bank loans and bonds and is denominated in Euro.

Dryden 32 includes a minimum allocation to Secured Senior Loans or Secured Senior Bonds of 92.5%. The deal's Class A and Class B notes were initially refinanced in February 2017 then, in August 2018, the deal was reset and the structure’s Class A through Class F notes were refinanced, and the reinvestment period was pushed out until October 2025.

PGIM Limited will manage the CLO. It will direct the selection, acquisition and disposition of collateral on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's 4.25 years reinvestment period.

The portfolio is expected to be at least 93% ramped up as of the closing date and to be comprised predominantly of corporate loans to obligors domiciled in Western Europe.