Deutsche Bank Trust and Agency Services (TAS) appointed on recent US CLO, Dryden 104 CLO, Ltd
Deutsche Bank’s TAS team has facilitated the issuance of Dryden 104 CLO, Ltd., managed by PGIM. Deutsche Bank is providing trustee, collateral administration and agency services
This collateralised loan obligation (CLO) issue comprises four classes of senior notes totaling US$380m:
- two classes of mezzanine notes totaling US$56m;
- one class of junior notes totaling US$15.75m; and
- a US$42.56m subordinated class.
All classes of notes are due in 2034.
PGIM is among the leading global investment managers in the CLO space. Deutsche Bank’s strong partnership with PGIM has led to multiple warehouse and CLO appointments in 2022, allowing Deutsche Bank to continually demonstrate the high quality of service that PGIM expects. This is the fifth CLO Deutsche Bank has closed along with seven warehouses in 2022.
Gary Vaughan, Corporate Trust Americas Head at Deutsche Bank, said: “We are delighted to have supported this successful transaction for PGIM and are excited to work with them. They have been a long tenured and valued client for TAS, and we look forward to continuing the partnership.”
PGIM is the global asset management business of Prudential Financial, Inc., a leading global investment manager with nearly US$1.2trn in assets under management as of 30 September, 2022. With offices in 17 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.