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Dryden VI is a $585 million hybrid collateralized loan obligation that is structured as a total return type swap to allow for investment in revolving bank loans. The Dryden VI portfolio is invested mainly in U.S. leveraged bank loans. Dryden VI includes a fixed-rate security allocation of up to 10%. Further, up to 5% of the portfolio may be invested in second lien loans and up to 5% may be allocated to Euro-denominated securities.
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| Closing Date |
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May 27, 2004 |
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| Effective Date |
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December 27, 2004 |
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| Distribution Dates |
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January 30, April 30, July 30 and October 30 |
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| End of Non-Call Period |
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July 30, 2009 |
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| End of Reinvestment Period |
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July 30, 2011 |
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| Maturity Date |
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July 30, 2016 |
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Type
Hybrid CLO
Underwriter
Citigroup
Rating Agencies
Moody’s, S&P
Trustee
Bank of New York
Portfolio Manager
Joe Lemanowicz
CDO Analyst
Michael Niosi
+1 973 367 2378
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Tranche |
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Initial Ratings |
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Current Ratings |
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Original Principal Amount ($) |
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Current Principal Amount ($) |
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Interest Rate |
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Super Senior |
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NR |
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NR |
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442,750,000 |
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442,750,000 |
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Not Distributed |
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Class A-1 Notes |
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Aaa/AAA |
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A1/AAA(-) |
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37,000,000 |
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24,519,926 |
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3M LIBOR + 0.60% |
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Class A-2 Notes |
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Aa2/AA |
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A2/AA(-) |
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19,000,000 |
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19,000,000 |
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3M LIBOR + 0.75% |
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Class B-1 Notes |
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A2/A |
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Ba3/A (-) |
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4,000,000 |
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4,000,000 |
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3M LIBOR + 1.25% |
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Class B-2 Notes |
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A2/A |
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Ba3/A (-) |
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24,000,000 |
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24,000,000 |
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6.24% |
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Class C-1 Notes |
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Baa2/BBB |
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Caa3/BBB (-) |
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23,000,000 |
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23,606,837 |
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3M LIBOR + 2.55% |
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Class C-2 Notes |
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Baa2/BBB |
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Caa3/BBB (-) |
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5,000,000 |
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5,285,389 |
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7.47% |
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Income Notes |
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NR |
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NR |
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41,000,000 |
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41,000,000 |
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Excess Interest |
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Total |
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595,750,000 |
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584,162,152 |
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