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PGIM Private Capital Provides Nearly $6.5B in Senior Debt and Junior Capital H1 2021

July 16, 2021, 08:01 AM
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PGIM Private Capital provided nearly $6.5 billion of senior debt and junior capital to more than 100 middle-market companies and projects globally in the first half of 2021, marking the second largest first-half origination volume over the past decade, as markets across the globe begin to move beyond the pandemic. PGIM Private Capital is a leading source of private debt for public and private companies and is the private capital arm of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc.

“2021 has affirmed the strength of our global origination network and industry expertise, with a broad range of corporate finance and real assets transactions completed. Our global investment pace accelerated in the first half of 2021, demonstrating our unwavering commitment to supporting the financing needs of companies through any economic environment,” said Allen Weaver, senior managing director and head of PGIM Private Capital. “Throughout the past eighteen months, we have consistently provided capital and perspectives to our partners, while generating attractive returns for our investors worldwide.”

First-Half 2021 Highlights:

  • $5.5 billion of investment-grade investments, $808 million of below-investment-grade investments; $209 million of mezzanine and private equity investments.
  • 44 new issuers across a range of industries added to the portfolio and 61 existing borrowers returned for further funding.
  • $4.7 billion in Global Corporate Finance investments across North America, the U.K., Europe, Latin America, and Australasia.
  • $1.6 billion in Real Assets investments, including energy, power, infrastructure, and credit tenant lease financing.
  • Over $200 million invested across 10 mezzanine investments, including a mezzanine energy financing.
  • Over $400 million in Direct Lending transactions, across 12 new and follow-on transactions.
  • Opening of our Madrid office, Prudential’s inaugural presence in Spain, with notable activity YTD, including a €125 million origination for Club Atlético de Madrid S.A.D.

PGIM Private Capital’s direct lending business has outpaced origination targets, with nine transactions with new issuers closed globally, including a joint deal with the Sydney corporate finance team for ZircoDATA, a provider of off-site secured document storage and management.

PGIM Private Capital has also seen strong activity in the U.K. and Europe, including a $200 million green shelf facility with South West Water, which marks the company’s first sustainable private placement through their sustainable financing framework.

PGIM Private Capital’s Real Assets platform originated more than $890 million in energy and power projects, including a $60 million below-investment-grade origination for Rougaroux Power Holdings, LLC, an indirect owner of a 192 MW operating hydroelectric project located in Louisiana.

Said Weaver, “As the global economy continues to reopen, we look forward to maintaining our investment momentum and strong origination activity through the balance of the year.”

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