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Dryden I was a $408 million collateralized bond obligation that closed in November 2001. The Dryden I portfolio was invested mainly in U.S. high yield bonds, with an allocation to floating-rate securities of 15-25%. Dryden I was called by a majority of Preferred Shareholders in November 2007, resulting in full repayment of the Notes and a 31% internal rate of return to Preferred Shareholders.
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| Closing Date |
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November 20, 2001 |
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| Effective Date |
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January 9, 2002 |
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| Redemption Date |
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November 9, 2007 |
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Type
Cash Flow CBO
Underwriter
Merrill Lynch
Rating Agencies
Moody’s, S&P
Trustee
Bank of New York
Portfolio Manager
George Edwards
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Tranche |
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Initial Ratings |
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Original Principal Amount ($) |
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Interest Rate |
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Class A-1 Notes |
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Aaa/AAA | |
269,000,000 |
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6M LIBOR + 0.47% |
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Class A-2 Notes | |
Aa2/AA | |
23,600,000 |
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6M LIBOR + 0.75% |
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Class A-3 Notes | |
Aa2/AA | |
20,500,000 |
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5.83% |
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Class B-1 Notes | |
Baa2/BBB | |
27,000,000 | |
6M LIBOR + 2.60% |
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Class B-2 Notes | |
Baa2/BBB | |
8,000,000 | |
7.408% |
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Class B-3 Notes | |
Baa2/BBB | |
10,000,000 | |
4.008% + Additional Interest |
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Class C-1 Notes | |
Ba2/BB | |
5,000,000 | |
6M LIBOR + 7.00% |
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Class C-2 Notes | |
Ba2/BB | |
7,250,000 | |
10.875% |
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Preferred Shares | |
NR | |
37,850,000 | |
Excess Interest |
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Total |
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408,200,000 |
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