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Dryden XXI is a $500 million collateralized loan obligation and is one of the few true “arbitrage” transactions to close in the CDO market in 2008. The Dryden XXI portfolio is invested mainly in U.S. senior secured leveraged bank loans. Dryden XXI includes a non-secured loan allocation of up to 5%. This allocation can encompass investments in non-secured loans, fixed rate bonds, and up to 2.5% in structured products.
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| Closing Date |
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August 28, 2008 |
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| Effective Date |
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On or prior to January 5, 2009 |
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| Distribution Dates |
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January 17, April 17, July 17 and October 17 |
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| Optional Redemption Date |
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October 17, 2010 |
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| End of Reinvestment Period |
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October 17, 2013 |
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| Maturity Date |
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October 17, 2020 |
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Type
Cash Flow CLO
Underwriter
Goldman Sachs
Rating Agencies
Moody’s, S&P
Trustee
Deutsche Bank
Portfolio Manager
Joe Lemanowicz
CDO Analyst
Renee Gallizzo
+1 973 802 4204
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Tranche |
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Initial Ratings |
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Current Ratings |
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Original Principal Amount ($) |
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Current Principal Amount ($) |
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Interest Rate |
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Class A Notes |
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Aaa/AAA |
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Aaa/AAA/neg |
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365,000,000 |
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365,000,000 |
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3M LIBOR + 1.55% |
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Class B Notes |
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Aa2/AA |
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Aa2/neg/AA/neg |
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20,000,000 |
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20,000,000 |
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3M LIBOR + 3.50% |
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Class C Notes |
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A2/A |
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Baa3/neg/A/neg |
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20,000,000 |
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20,000,000 |
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3M LIBOR + 4.50% |
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Class D Notes |
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Baa2/BBB |
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Ba3/neg/BBB/neg |
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18,750,000 |
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18,750,000 |
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3M LIBOR + 5.50% |
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Income Notes |
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NR |
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NR |
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76,250,000 |
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76,250,000 |
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Excess Interest |
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Total |
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|
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500,000,000 |
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500,000,000 |
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