Dryden 74 Euro CLO 2020 DAC (Refinance): 22 August 2025

The assets securing the Notes will consist primarily of a portfolio of Collateral Debt Obligations consisting at the time of acquisition of predominantly Senior Secured Loans, Senior Secured Bonds, Corporate Rescue Obligations, Unsecured Senior Obligations, Second Lien Loans, Mezzanine Obligations, High Yield Bonds and Loss Mitigation Obligations.

On 24 April 2020 (the Original Issue Date) Dryden 74 Euro CLO 2020 issued Class A Senior Secured Floating Rate Notes due 2033, Class B-1 Senior Secured Floating Rate Notes due 2033, Class B-2 Senior Secured Fixed Rate Notes due 2033, Class C-1 Mezzanine Secured Deferrable Floating Rate Notes due 2033, Class C-2 Mezzanine Secured Deferrable Fixed Rate Notes due 2033, Class D Mezzanine Secured Deferrable Floating Rate Notes due 2033, Class E Mezzanine Secured Deferrable Floating Rate Notes due 2033, Class F Mezzanine Secured Deferrable Floating Rate Notes due 2033 and Subordinated Notes due 2033.

On or about 19 August 2025 (the Re-issue Date) the Issuer will, subject to certain conditions, refinance in whole the Notes by issuing Class A-R Senior Secured Floating Rate Notes due 2039, Class B-1-R Senior Secured Floating Rate Notes due 2039, Class B-2-R Senior Secured Fixed Rate Notes due 2039, Class C-R Mezzanine Secured Deferrable Floating Rate Notes due 2039, Class D-R Mezzanine Secured Deferrable Floating Rate Notes due 2039, Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2039 and Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2039. The Issuer will also issue additional Subordinated Notes due 2039.

The Original Subordinated Notes were issued on the Original Issue Date and are not being offered pursuant to this Offering. The Additional Subordinated Notes being offered pursuant to this Offering and the Original Subordinated Notes issued on the Original Issue Date shall form a single class of Subordinated Notes.