Jefferies prices €480M reset of Dryden 27-R Euro CLO 2017 for PGIM

Jefferies has priced the €479.9 million reset of Dryden 27-R Euro CLO 2017 for PGIM.

Details are as follows:

The deal is expected to settle on March 23 and has a non-call period ending on Dec. 23, 2021, and a reinvestment period ending on April 15, 2023. The weighted average life test date is April 15, 2028, and the legal final maturity is April 15, 2033.

The manager as originator will retain a vertical strip to comply with EU risk retention requirements.

The original €478.8 million vehicle priced in April 2017 via J.P. Morgan, with a non-call period that ended May 15, 2019, and a reinvestment period that was due to end May 15, 2021. As part of the original transaction, the manager redeemed its Dryden XXVII Euro CLO 2013, and moved the underlying assets into the new vehicle.