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Dryden V is a $350 million collateralized loan obligation and was the second Dryden CDO to close in 2003. The Dryden V portfolio is invested mainly in U.S. leveraged bank loans. Dryden V includes a fixed-rate security allocation of up to 10%. Further, up to 10% of the portfolio may be invested in a combination of non-secured loans, bonds and structured products.
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| Closing Date |
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December 10, 2003 |
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| Effective Date |
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February 17, 2004 |
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| Distribution Dates |
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March 22, June 22, September 22 and December 22 |
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| End of Non-Call Period |
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December 24, 2007 |
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| End of Reinvestment Period |
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December 22, 2008 |
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| Maturity Date |
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December 22, 2015 |
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Type
Cash Flow CLO
Underwriter
Merrill Lynch
Rating Agencies
Moody’s, S&P
Trustee
Deutsche Bank
Portfolio Manager
Joe Lemanowicz
CDO Analyst
Renée Gallizzo
+1 973 802 4204
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Tranche |
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Initial Ratings |
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Current Ratings |
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Original Principal Amount ($) |
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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/AA+ |
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253,000,000 |
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117,045,983 |
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3M LIBOR + 0.54% |
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Class B-1 Notes |
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Aa2/AA |
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A2/A+ |
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17,000,000 |
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17,000,000 |
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3M LIBOR + 0.95% |
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Class B-2 Notes |
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Aa2/AA |
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A2/A+ |
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10,000,000 |
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10,000,000 |
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5.534% |
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Class C-1 Notes |
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A2/A |
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Baa3/BBB |
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9,000,000 |
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9,000,000 |
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3M LIBOR + 1.60% |
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Class C-2 Notes |
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A2/A |
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Baa3/BBB |
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6,500,000 |
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6,500,000 |
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6.184% |
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Class D-1 Notes |
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Baa2/BBB |
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Caa2/B- |
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7,500,000 |
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7,500,000 |
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3M LIBOR + 2.90% |
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Class D-2 Notes |
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Baa2/BBB |
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Caa2/B- |
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5,000,000 |
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5,000,000 |
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3M LIBOR + 2.75% |
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Class D-3 Notes |
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Baa2/BBB |
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Caa2/B- |
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4,500,000 |
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4,500,000 |
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7.484% |
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Class E Notes |
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Ba2/BB |
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Ca/CCC- |
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8,500,000 |
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8,500,000 |
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3M LIBOR + 8.00% |
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Preferred Shares |
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NR |
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NR |
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29,000,000 |
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29,000,000 |
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Excess Interest |
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Total |
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350,000,000 |
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214,045,983 |
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