Dryden 66 GBP CLO 2018: 22 December 2018
The assets securing the notes will consist primarily of a portfolio of Secured Senior Loans, Secured Senior Bonds, High Yield Bonds and Unsecured Senior Obligations, and will be managed by PGIM Limited.
Eligibility criteria (includes): if such obligation were a Collateral Debt Obligation, it would be a Secured Senior Loan, a Secured Senior Bond, a Corporate Rescue Loan, an Unsecured Senior Obligation, a High Yield Bond, a Mezzanine Obligation, a PIK Obligation, a Current Pay Obligation or a Second Lien Loan; it is either (I) denominated in Sterling, or (II) denominated in a Qualifying Currency other than Sterling; it is not a lease; it is not a Structured Finance Obligation, Synthetic Security or Letter of Credit or any other asset backed security; it would not constitute a Defaulted Obligation or a Credit Risk Obligation; it is not a Step-Down Coupon Security; it is not a Deferring Security; it is not a Zero Coupon Obligation; it is not a Project Finance Loan.
The Issuer expects that, by the Closing Date, it will have committed to acquire Collateral Debt Obligations with an Aggregate Principal Balance of at least 80.0% of the Target Par Amount.
The Notes will be offered by the issuer through Credit Suisse Securities (Europe) Limited in its capacity as initial purchaser.
EU Risk Retention: The Retention Holder (PGIM Limited) will agree that for so long as any Class of Notes remains outstanding, it will subscribe for on the Closing Date, and hold on an ongoing basis, not less than 5% of the outstanding nominal value of each of the tranches sold or transferred to investors with the intention of complying with the EU Retention Requirement.
US Risk Retention: Based on the D.C. Circuit Ruling, no party currently intends to obtain on the Closing Date and retain after the Closing Date any Notes for the purpose of satisfying the U.S. Risk Retention Rules nor will any party seek to satisfy any other requirements (including with respect to disclosure) set forth under the U.S. Risk Retention Rules.