FC CBO

FC CBO is a $1 billion collateralized bond obligation that originally closed in June 1997.  We were selected as the replacement manager of FC CBO in February 2004, when the capital structure had delevered to $690 million and performing collateral totaled $452 million.  The FC CBO portfolio is invested in high yield bonds.  An amendment executed in March 2008 expanded trading flexibility to include all assets.

Closing Date   June 3, 1997
Manager Replacement Date   February 18, 2004
Distribution Dates   June 3 and December 3
End of Non-Call Period   June 2, 2000
End of Reinvestment Period   May 30, 2002
Maturity Date   June 3, 2009
Type
Cash Flow CBO

Underwriter
Goldman Sachs

Rating Agencies
Moody's, S&P

Trustee
Bank of New York




  Tranche   Initial Ratings   Ratings on Replacement Date   Last Ratings   Original Principal Amount ($)   Balance on Replacement Date ($)   Interest Rate  
  Senior Notes   Aa2/AA  Ba2/BB-  A2/AA   802,500,000 433,181,911 6M LIBOR + 0.375%  
  Second Priority Senior Notes   Baa3/BBB  C/CC  C/CC  92,500,000 113,708,491 8.43%  
  Subordinated Notes   NR   NR  NR  143,100,000 143,100,000 Excess Interest  
Total         1,038,100,000   689,990,402    
  NR = not rated, N/A = not applicable






Prudential Investment Management is the primary asset management business of Prudential Financial, Inc. Prudential Fixed Income is Prudential Investment Management's largest public fixed income asset management unit and operates through Prudential Investment Management, Inc. (PIM), a registered investment advisor. Prudential Financial and the Rock logo are registered service marks of The Prudential Insurance Company of America and its affiliates.