Prudential Investment Management is preparing a $650 million collateralized loan obligation, according to a presale report by Moody’s Investors Service.

The deal, Dryden 34 Senior Loan Fund, will be backed by a broadly syndicated portfolio of corporate debt only. The portfolio will consist of at least 90% first-lien senior secured loans. Approximately 75% of the portfolio is expected to be ramped at closing, but currently Prudential has acquired less than 10% of the pool.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.