Dryden 96 Euro CLO 2021 (Refinance): 19 November 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, managed by both PGIM Loan Originator Manager Limited and PGIM Limited.

On 8 June 2022 (the Original Issue Date) Dryden 96 Euro CLO 2021 DAC issued Class A Senior Secured Floating Rate Notes due 2035, Class B-1 Senior Secured Floating Rate Notes due 2035, Class B-2 Senior Secured Fixed Rate Notes due 2035, Class C Mezzanine Secured Deferrable Floating Rate Notes due 2035, Class D Mezzanine Secured Deferrable Floating Rate Notes due 2035, Class E Mezzanine Secured Deferrable Floating Rate Notes due 2035, Class F Mezzanine Secured Deferrable Floating Rate Notes due 2035 and Subordinated Notes due 2035.

On or about 15 December 2025 (the Re-issue Date) the Issuer will, subject to certain conditions, refinance in whole the Rated Notes by issuing Class X Senior Secured Floating Rate Notes due 2038, Class A-R Senior Secured Floating Rate Notes due 2038, Class B-1-R Senior Secured Floating Rate Notes due 2038, Class B-2-R Senior Secured Fixed Rate Notes due 2038, Class C-R Mezzanine Secured Deferrable Floating Rate Notes due 2038, Class D-R Mezzanine Secured Deferrable Floating Rate Notes due 2038, Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2038 and Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2038. The Issuer will also issue additional Subordinated Notes due 2038.

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.