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Dryden III was a $304 million collateralized loan obligation and was the second Dryden CDO to close in 2002. The Dryden III portfolio was invested mainly in U.S. leveraged bank loans, with an allocation to fixed-rate securities of up to 12.5%. Dryden III was called by Preferred Shareholders in January 2006, resulting in full repayment of the Notes and a 22% internal rate of return to Preferred Shareholders.
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| Closing Date |
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December 19, 2002 |
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| Effective Date |
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March 19, 2003 |
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| Redemption Date |
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January 26, 2006 |
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Type
Cash Flow CLO
Underwriter
Citigroup
Rating Agencies
Moody’s, S&P
Trustee
Bank of New York
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| |
Tranche |
|
Initial Ratings |
|
Original Principal Amount ($) |
|
Interest Rate |
|
| |
Class A-1 Notes |
|
Aaa/AAA |
|
188,000,000 |
|
3M LIBOR + 0.53% |
|
| |
Class A-2 Notes |
|
Aaa/AAA |
|
30,000,000 |
|
3M LIBOR + 0.70% |
|
| |
Class A-3 Notes |
|
Aa2/AA |
|
25,000,000 |
|
5.344% |
|
| |
Class B Notes |
|
A2/A |
|
15,000,000 |
|
3M LIBOR + 1.90% |
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| |
Class C Notes |
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Baa2 |
|
13,000,000 |
|
3M LIBOR + 3.00% |
|
| |
Class D Notes |
|
Ba2 |
|
10,000,000 |
|
3M LIBOR + 8.25% |
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| |
Preferred Shares |
|
NR |
|
22,750,000 |
|
Excess Interest |
|
|
|
Total |
|
|
|
303,750,000 |
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