Prudential Private Capital invests $140M in the Dayton Power & Light Company
September 03 2020 - 8:21AM
Business Wire
Prudential Private Capital provided $140 million of first
mortgage bond financing to the Dayton Power & Light Company
(“DP&L”), the wholly owned electric utility of parent company,
AES, funding with execution certainty during the COVID-19 global
pandemic. Prudential Private Capital is a leading source of private
debt for public and private companies and is the private capital
arm of PGIM, the $1.4 trillion global investment management
businesses of Prudential Financial, Inc. (NYSE: PRU).
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Wendy Carlson, Managing Director and Head
of Power Real Assets Group (Photo: Business Wire)
“Our investment with DP&L reinforces our commitment to
investments in power and project finance,” said Wendy Carlson,
managing director and head of Prudential Private Capital’s Power
group.
“This investment in DP&L, especially during the
unprecedented economic environment caused by the COVID-19 pandemic,
also demonstrates our stable funding source with a long-term focus,
broad capital capability and unwavering commitment to the
productive relationship with a world-class organization such as
AES,” added Parag Patel, vice president of Power.
“We have been impressed by the Prudential Private Capital team’s
support and understanding of our regulated utility and contracted
independent power producer businesses and related capital needs.
Their ability to swiftly move to a close within three months of the
initial discussion for DP&L was a testament to the strong
relationship we have built over the years, and their varied
investments with us illustrates their broad interest and expertise
in traditional utilities and project finance,” said Gustavo
Garavaglia, chief financial officer, AES United States.
Relationship highlights:
- DP&L – $140 million investment in first mortgage bonds
(bilateral transaction).
- AES Southland – $175 million investment in 2017 for a
repowering of two Combined Cycle Gas Turbines plus two battery
storage projects (lead institutional investor).
- AES U.S. Wind Generation – $130 million fixed- and
floating-rate capital investments in 2016 refinancing a renewable
portfolio of three operating wind projects (bilateral
transaction).
- AES Buffalo Gap – $105 million tax-equity investments in 2006
(agented transactions).
- Ability to work bilaterally or through company appointed
placement agents.
Said Carlson, “Our power and project finance transactions like
the one with Dayton Power & Light is just one example of the
investments our Real Assets group manages with over $26.5 billion
AUM.1”
About Prudential Private Capital
For more than 75 years, Prudential Private Capital has been
partnering with a wide range of corporations, sponsors, and
institutions to provide valuable insights, guidance, and customized
capital solutions that enable them to achieve their growth and
funding goals. In an industry where capital can seem like a
commodity and relationships are often fleeting and transactional,
we are known for building enduring local partnerships based on a
steady and patient commitment to our partners’ long-term capital
needs. With regional teams in 14 offices around the world, we
manage a portfolio of $96.5 billion as of June 30, 2020.
About PGIM
PGIM, the global asset management business of Prudential
Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset
managers in the world2 with more than $1.4 trillion in assets under
management as of March 31, 2020. With offices in 16 countries,
PGIM’s businesses offer a range of investment solutions for retail
and institutional investors around the world across a broad range
of asset classes, including public fixed income, private fixed
income, fundamental equity, quantitative equity, real estate and
alternatives. For more information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not
affiliated in any manner with Prudential plc, incorporated in the
United Kingdom or with Prudential Assurance Company, a subsidiary
of M&G plc, incorporated in the United Kingdom.
About Prudential
Prudential Financial, Inc. (NYSE: PRU), a financial wellness
leader and premier active global investment manager with more than
$1.5 trillion in assets under management as of June 30, 2020, has
operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees help to make lives
better by creating financial opportunity for more people.
Prudential's iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
1 AUM as of June 30, 2020. 2 PFI is the 10th largest investment
manager (out of 527 firms surveyed) in terms of global assets under
management based on Pensions & Investments’ Top Money Managers
list published on June 1, 2020. This ranking represents global
assets under management by PFI as of March 31, 2020.
Learn about Prudential Private Capital:
prudentialprivatecapital.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200903005488/en/
MEDIA: Lizzie Lowe 973-802-8786
lizzie.lowe@pgim.com
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