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Dryden X is a €410 million collateralized loan obligation and is the first all-European Dryden CLO. The Dryden X portfolio is invested mainly in European leveraged bank loans and is denominated 80% in Euro and 20% in Sterling. Dryden X includes an allocation to mezzanine and second-lien loans of up to 10%. Further, up to 5% of the portfolio may be invested in fixed-rate securities and structured products.
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| Closing Date |
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January 17, 2006 |
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| Effective Date |
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July 14, 2006 |
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| Distribution Dates |
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January 25 and July 25 |
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| End of Non-Call Period |
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January 25, 2010 |
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| End of Reinvestment Period |
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January 25, 2012 |
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| Maturity Date |
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January 25, 2022 |
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Type
Cash Flow CLO
Underwriter
RBS
Rating Agencies
Moody’s, S&P
Trustee
Deutsche Bank
Portfolio Manager
Jonathan Butler
CDO Analyst
Sarah McMullen
+44 (0)20 7766 2539
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Tranche |
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Initial Ratings |
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Current Ratings |
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Principal Amount (£) |
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Principal Amount (€) |
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Interest Rate |
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Class A-1 Notes |
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Aaa/AAA |
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Aaa/AA |
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0 |
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124,000,000 |
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6M EURIBOR + 0.26% |
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Class A-1D Notes |
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Aaa/AAA |
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Aaa/AA |
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0 |
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100,000,000 |
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6M EURIBOR + 0.26% |
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Class A-2 Notes |
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Aaa/AAA |
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Aaa/AA |
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38,052,000 |
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56,000,000 |
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6M LIBOR + 0.26% |
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Class B-1 Notes |
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Aa2/AA |
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A3/A |
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0 |
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19,200,000 |
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6M EURIBOR + 0.45% |
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Class B-2 Notes |
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Aa2/AA |
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A3/A |
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3,262,000 |
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4,800,589 |
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6M LIBOR + 0.45% |
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Class C-1 Notes |
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A2/A |
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Ba1/BBB- |
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0 |
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22,400,000 |
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6M EURIBOR + 0.70% |
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Class C-2 Notes |
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A2/A |
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Ba1/BBB- |
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3,806,000 |
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5,601,177 |
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6M LIBOR + 0.70% |
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Class D-1 Notes |
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Baa2/BBB |
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B2/BB |
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0 |
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14,400,000 |
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6M EURIBOR + 1.70% |
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Class D-2 Notes |
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Baa2/BBB |
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B2/BB |
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2,447,000 |
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3,601,177 |
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6M LIBOR + 1.75% |
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Class E-1 Notes |
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Ba2/BB |
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Caa2/B+ |
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0 |
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12,000,000 |
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6M EURIBOR + 5.00% |
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Class E-1B Notes |
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Ba2/BB |
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Caa2/B+ |
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0 |
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4,000,000 |
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8.32% |
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Class 1 Subordinated Notes |
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NR |
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NR |
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0 |
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36,550,000 |
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Excess Interest |
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Class 2 Subordinated Notes |
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NR |
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NR |
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4,757,000 |
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7,000,736 |
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Excess Interest |
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Total |
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409,553,679 |
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