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Dryden XI is a $767 million collateralized loan obligation and was the third Dryden CDO to close in 2006. The Dryden XI portfolio, portions of which were rolled over from the Dryden II and Dryden III redemptions, is invested mainly in U.S. leveraged bank loans. Dryden XI includes a fixed-rate security allocation of up to 10%. Further, up to 10% of the portfolio may be invested in a combination of non-secured loans, bonds and structured products.
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| Closing Date |
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May 4, 2006 |
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| Effective Date |
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September 8, 2006 |
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| Distribution Dates |
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January 12, April 12, July 12 and October 12 |
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| End of Non-Call Period |
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April 12, 2010 |
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| End of Reinvestment Period |
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April 12, 2013 |
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| Maturity Date |
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April 12, 2020 |
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Type
Cash Flow CLO
Underwriter
Citigroup
Rating Agencies
Moody’s, S&P
Trustee
Bank of New York
Portfolio Manager
Joe Lemanowicz
CDO Analyst
Edwin Wilches
+1 973 367 3447
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Tranche |
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Initial Ratings |
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Current Ratings |
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Principal Amount ($) |
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Factor |
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Interest Rate |
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Class A-1 Notes |
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Aaa/AAA |
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Aa2/AA+ |
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325,000,000 |
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0.9735 |
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3M LIBOR + 0.25% |
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Class A-2A Notes |
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Aaa/AAA |
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Aaa/AA+ |
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225,000,000 |
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0.9705 |
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3M LIBOR + 0.24% |
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Class A-2B Notes |
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Aa1/AAA |
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A1/AA+ |
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25,000,000 |
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1.0000 |
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3M LIBOR + 0.34% |
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Class A-3 Notes |
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Aa2/AA |
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A2/AA- |
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25,300,000 |
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1.0000 |
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3M LIBOR + 0.375% |
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Class B Notes |
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A2/A |
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Ba1/BBB+ |
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47,200,000 |
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1.0000 |
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3M LIBOR + 0.70% |
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Class C-1 Notes |
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Baa2/BBB |
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B1/CCC+ |
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24,800,000 |
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1.0000 |
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3M LIBOR + 1.60% |
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Class C-2 Notes |
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Baa2/BBB |
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B1/CCC+ |
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12,700,000 |
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1.0000 |
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6.962% |
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Class D Notes |
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Ba2/BB |
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Ca/CCC- |
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23,600,000 |
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0.8535 |
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3M LIBOR + 3.90% |
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Income Notes |
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NR |
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NR |
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57,900,000 |
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1.0000 |
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Excess Interest |
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Total |
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766,500,000 |
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