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Dryden 103 Euro CLO 2021: 19 December 2022

The assets securing the debt will consist primarily of a portfolio of Collateral Debt Obligations consisting at the time of acquisition of predominantly Senior Secured Loans, Senior Secured Bonds, Corporate Rescue Obligations, Unsecured Senior Obligations, Second Lien Loans, Mezzanine Obligations, High Yield Bonds, and Loss Mitigation Obligations, managed by both PGIM Loan Originator Manager Limited and PGIM Limited.

Eligibility criteria (includes): it would be a Senior Secured Loan, a Senior Secured Bond, a Corporate Rescue Obligation, 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 not a Structured Finance Obligation, Synthetic Security or Letter of Credit or any other asset backed security; it is not a lease; it is not a Zero Coupon Obligation; it is not a Project Finance Loan or a similar debt obligation that contains limited recourse provisions that limit the obligations of the Obligor thereunder to a defined portfolio or pool of assets; it is an ESG Compliant Obligation; it is not an Intermediary Obligation.

The Issuer expects that, by the Issue Date, it will have committed to acquire Collateral Debt Obligations the Aggregate Principal Balance of which is equal to at least €350mln.

The Notes are being issued at a maximum issue price of 100.0% of the principal amount thereof. The Notes are being offered by the Issuer through NATIXIS in its capacities as arranger and initial purchaser of the offering of such Notes subject to prior sale.

EU & UK Risk Retention: The Collateral Manager shall act as Retention Holder for the purposes of the EU/UK Retention Requirements and shall subscribe for and retain, on an ongoing basis and on its own account, not less than 5% of the nominal value of each Tranche of Debt that is sold or transferred to investors on the Issue Date within the meaning of Article 6(3)(a) of each of the EU/UK Securitisation Regulations.

US Risk Retention: Based on the D.C. Circuit Ruling, no party currently intends to obtain on the Issue Date and retain after the Issue Date any Notes for the purpose of satisfying the US Risk Retention Rules.