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Dryden XVI is a $500 million collateralized loan obligation and was the fifth Dryden CDO to close in 2006. The Dryden XVI portfolio, a portion of which was rolled over from the Dryden IV redemption, is invested mainly in U.S. leveraged bank loans. Dryden XVI includes a fixed-rate security allocation of up to 10%. Further, up to 10% of the portfolio may be invested in a combination of non-secured loans, bonds and structured products.
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| Closing Date |
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December 14, 2006 |
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| Effective Date |
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April 3, 2007 |
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| Distribution Dates |
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January 20, April 20, July 20 and October 20 |
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| End of Non-Call Period |
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January 20, 2011 |
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| End of Reinvestment Period |
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January 20, 2013 |
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| Maturity Date |
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October 20, 2020 |
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Type
Cash Flow CLO
Underwriter
UBS
Rating Agencies
Moody’s, S&P
Trustee
Bank of New York
Portfolio Manager
Joe Lemanowicz
CDO Analyst
Edwin Wilches
+1 973 367 3447
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Tranche |
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Initial Ratings |
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Current Ratings |
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Principal Amount ($) |
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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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Aa3/AA+ |
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375,000,000 |
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0.9553 |
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3M LIBOR + 0.24% |
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Class A-2 Notes |
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Aa2/AA |
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Baa1/AA- |
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20,000,000 |
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1.0000 |
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3M LIBOR + 0.38% |
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Class B Notes |
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A2/A |
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Baa2/BBB+ |
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32,500,000 |
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1.0000 |
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3M LIBOR + 0.68% |
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Class C Notes |
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Baa2/BBB |
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Ba2/BBB- |
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16,250,000 |
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1.0000 |
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3M LIBOR + 1.40% |
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Class D Notes |
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Ba2/BB |
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Ca/B+ |
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17,500,000 |
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1.0000 |
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3M LIBOR + 3.50% |
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Subordinated Notes |
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NR |
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NR |
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38,750,000 |
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1.0000 |
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Excess Interest |
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Total |
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500,000,000 |
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