Prudential Fixed Income has closed the Dryden XXIV Senior Loan Fund, its most recent collateralized loan obligation, at $522.5 million, the company said today. Prudential Fixed Income is the principal public fixed income asset management business of Prudential Financial, Inc. (NYSE: PRU).
"This transaction demonstrates Prudential Fixed Income's commitment to this asset class as a manager and investor,” said Brian Juliano, vice president and portfolio manager for Prudential Fixed Income's U.S. bank loan team. “In today's market environment of tight yields, we believe carefully selected structured credit investments are very attractive relative to many alternatives."
Sara Bonesteel, managing director and head of alternative investments at Prudential Fixed Income, added, "We are pleased to complete this fund and continue to build our business. This CLO includes investors who know us well, as well as some who are new to our platform."
The Dryden XXIV Senior Loan Fund is the third new issuance CLO closed under the Dryden brand in the last ten months and the 41st cash or synthetic CLO/CDO structure to be managed or sub-advised by Prudential Fixed Income from its Newark and London offices. Standard & Poor's ranks Prudential as one of the largest global CLO managers. The firm manages over $9 billion in CLO capital.Prudential Fixed Income, with $348 billion in assets under management as of June 30, 2012, offers institutional investors needs-based solutions across all fixed income markets, with a focus on credit strategies and liability-driven investing. Prudential Fixed Income has portfolio management and research teams in Newark, N.J.; London and Singapore. For more information, please visit www.prudentialfixedincome.com. Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $961 billion of assets under management as of June 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/