Gleacher CBO 2000-1

The Gleacher CBO was a $400 million collateralized bond obligation that originally closed in May 2000.  We were selected as the replacement manager of the Gleacher CBO in February 2004, when the capital structure had delevered to $385 million and performing collateral totaled $329 million.  The Gleacher portfolio was invested in high yield bonds.  The Gleacher CBO was called by Class E Subordinated Noteholders in November 2006, resulting in full repayment of the Notes and a 27% return of capital to Subordinated Noteholders.

Closing Date   May 9, 2000
Manager Replacement Date   February 23, 2004
End of Reinvestment Period   May 6, 2005
Redemption Date   November 9, 2006
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  
  Class A Notes   Aaa/AAA  A3/AA-  Aaa/AAA   276,000,000 259,886,866 6M LIBOR + 0.43%  
  Class B-1 Notes   A3/A-  B1/BB+  Aa3/BBB+  33,000,000 33,000,000 6M LIBOR + 1.45%  
  Class B-2 Notes   A3/A-  B1/BB+  Aa3/BBB+  10,000,000 10,000,000 8.60%  
  Class C Notes   Baa2  Caa3  B2  13,000,000 13,000,000 6M LIBOR + 2.25%  
  Class D-1 Notes   Ba2  Ca  Ca  21,000,000 21,676,710 6M LIBOR + 6.25%  
  Class D-2 Notes   Ba2   Ca   Ca   5,000,000 5,282,280 13.48%  
  Class E Subordinated Notes   NR  NR  NR  42,000,000 42,000,000 Excess Interest  
Total         400,000,000   384,845,856    
  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.