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Dryden IV was a $330 million collateralized loan obligation and was the third Dryden CLO. The Dryden IV portfolio was invested mainly in U.S. leveraged bank loans, with an allocation to fixed-rate securities of up to 5%. Dryden IV was called by Preferred Shareholders in September 2006, resulting in full repayment of the Notes and a 12% internal rate of return to Preferred Shareholders
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| Closing Date |
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August 20, 2003 |
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| Effective Date |
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November 18, 2003 |
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| Redemption Date |
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September 5, 2006 |
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Type
Cash Flow CLO
Underwriter
UBS
Rating Agencies
Moody’s, S&P
Trustee
Bank of New York
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| |
Tranche |
|
Initial Ratings |
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Original Principal Amount ($) |
|
Interest Rate |
|
| |
Class A Notes |
|
Aaa/AAA |
|
257,000,000 |
|
3M LIBOR + 0.54% |
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| |
Class B Notes |
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A2/A- |
|
26,000,000 |
|
3M LIBOR + 1.60% |
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| |
Class C-1 Notes |
|
Baa2/BBB |
|
7,000,000 |
|
3M LIBOR + 2.85% |
|
| |
Class C-2 Notes |
|
Baa2/BBB |
|
6,000,000 |
|
7.736% |
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| |
Class D Notes |
|
Ba2/BB |
|
8,000,000 |
|
3M LIBOR + 8.75% |
|
| |
Preferred Shares |
|
NR |
|
26,000,000 |
|
Excess Interest |
|
|
|
Total |
|
|
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330,000,000 |
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