Dryden XIV-Euro CLO 2006

Dryden XIV is a €463 million collateralized loan obligation and is the second all-European Dryden CLO. The Dryden XIV portfolio is invested mainly in European leveraged bank loans and is denominated 80% in Euro and 20% in Sterling. Dryden XIV 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.
Closing Date   August 8, 2006
Effective Date   March 6, 2007
Distribution Dates   March 15 and September 15
End of Non-Call Period   September 15, 2010
End of Reinvestment Period   September 15, 2012
Maturity Date   August 8, 2022
Type
Cash Flow CLO

Underwriter
Bear Stearns/ABN Amro

Rating Agencies
Moody’s, S&P

Trustee
Deutsche Bank

Portfolio Manager
Jonathan Butler

CDO Analyst
Sarah McMullen
+44 (0)20 7766 2539


  Tranche   Initial Ratings   Current Ratings   Principal Amount (€)   Interest Rate  
  Class A Notes   Aaa/AAA  Aaa/AAA  312,500,000   6M EURIBOR + 0.23%  
  Class B Notes   Aa2/AA  Aa2/AA  35,000,000   6M EURIBOR + 0.40%  
  Class C Notes  A2/A  Baa3/A  28,000,000   6M EURIBOR + 0.70%  
  Class D Notes  Baa2/BBB  Ba3/BBB  18,000,000  6M EURIBOR + 1.50%  
  Class E Notes  Ba3/BB-  Caa1/BB-  27,000,000  6M EURIBOR + 4.10%  
  Class 1 Subordinated Notes  NR  NR  42,500,000  Excess Interest  
Total       463,000,000    
  NR = not rated, N/A = not applicable








Prudential Investment Management is the primary asset management business of Prudential Financial, Inc. Prudential Fixed Income is Prudential Investment Management's largest public fixed income asset management unit and operates through Prudential Investment Management, Inc. (PIM), a registered investment advisor. Prudential Financial and the Rock logo are registered service marks of The Prudential Insurance Company of America and its affiliates.