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Dryden II was a $331 million collateralized loan obligation and was the first Dryden CLO. The Dryden II portfolio was invested mainly in U.S. leveraged bank loans, with an allocation to fixed-rate securities of up to 12.5%. Dryden II was called by Preferred Shareholders in March 2006, resulting in full repayment of the Notes and a 16% internal rate of return to Preferred Shareholders.
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| Closing Date |
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June 28, 2002 |
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| Effective Date |
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September 4, 2002 |
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| Redemption Date |
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March 15, 2006 |
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Type
Cash Flow CLO
Underwriter
Citigroup
Rating Agencies
Moody’s, S&P
Trustee
Bank of New York
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| |
Tranche |
|
Initial Ratings |
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Original Principal Amount ($) |
|
Interest Rate |
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| |
Class A-1 Notes |
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Aaa/AAA |
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232,500,000 |
|
3M LIBOR + 0.43% |
|
| |
Class A-2 Notes |
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Aaa/AAA |
|
12,500,000 |
|
5.706% |
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| |
Class B-1 Notes |
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A3/A- |
|
15,000,000 |
|
3M LIBOR + 1.55% |
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| |
Class B-2 Notes |
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A3/A- |
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18,000,000 |
|
6.789% |
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| |
Class C Notes |
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Baa2/BBB |
|
13,000,000 |
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3M LIBOR + 2.40% |
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| |
Class D Notes |
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Ba2/BB |
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14,750,000 |
|
3M LIBOR + 7.00% |
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| |
Preferred Shares |
|
NR |
|
25,500,000 |
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Excess Interest |
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|
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Total |
|
|
|
331,250,000 |
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