Ratings Assigned To Six Classes From Dryden 36 Senior Loan Fund In Connection With Refinancing

  • Dryden 36 Senior Loan Fund refinanced its class A-R, B-R, C-R, D-R, and E-R notes on April 15, 2019, through an optional redemption and replacement note issuance.
  • We withdrew our ratings on the original class A-R, B-R, C-R, D-R, and E-R notes following payment in full on the April 15, 2019, refinancing date.
  • After analyzing the changes to the transaction, we assigned our ratings to the replacement class X-R2, A-R2, B-R2, C-R2, D-R2, and E-R2 notes.
  • The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels.
NEW YORK (S&P Global Ratings) April 15, 2019--S&P Global Ratings today 
assigned its ratings to the class X-R2, A-R2, B-R2, C-R2, D-R2, and E-R2 
replacement notes from Dryden 36 Senior Loan Fund, a collateralized loan 
obligation (CLO) originally issued in December 2014 that is managed by PGIM 
Inc. We withdrew our ratings on the original class A-R, B-R, C-R, D-R, and E-R 
notes following payment in full on the April 15, 2019, refinancing date (see 
list). 

On the April 15, 2019, refinancing date, the proceeds from the class X-R2, 
A-R2, B-R2, C-R2, D-R2, and E-R2 replacement note issuances were used to 
redeem the original class A-R, B-R, C-R, D-R, and E-R notes as outlined in the 
transaction document provisions. Therefore, we withdrew our ratings on the 
original notes in line with their full redemption, and we are assigning 
ratings to the replacement notes. 

The replacement notes are being issued via a supplemental indenture, which, in 
addition to outlining the terms of the replacement notes, will also: 
  • Shorten the reinvestment period to April 15, 2021, from Oct. 15, 2021.
  • Extend the non-call period to April 15, 2020, from Jan. 15, 2019.
  • Extend the weighted average life test to Oct. 15, 2025, from eight years calculated from the Dec. 21, 2016 refinancing date (approximately December 2024).
  • Extend the legal final maturity date on the rated and subordinated notes to April 15, 2029, from Jan. 15, 2028.
  • Issue additional class X-R2 amortizing senior secured floating-rate notes, which are expected to be paid down using interest proceeds in equal quarterly installments of $400,000 beginning with the July 2019 payment date and ending on the April 2021 payment date.
Our review of this transaction included a cash flow analysis, based on the 
portfolio and transaction as reflected in the trustee report, to estimate 
future performance. In line with our criteria, our cash flow scenarios applied 
forward-looking assumptions on the expected timing and pattern of defaults, 
and recoveries upon default, under various interest rate and macroeconomic 
scenarios. In addition, our analysis considered the transaction's ability to 
pay timely interest or ultimate principal, or both, to each of the rated 
tranches. 

The assigned ratings reflect our opinion that the credit support available is 
commensurate with the associated rating levels.


We will continue to review whether, in our view, the ratings assigned to the 
notes remain consistent with the credit enhancement available to support them, 
and we will take rating actions as we deem necessary.
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