Prudential Capital Group provided $5.3 billion of senior debt
and junior capital to middle-market companies and projects globally
in the first half of 2018. Prudential Capital Group is a leading
source of private capital for public and private companies and is
the private capital arm of PGIM, the $1 trillion global investment
management businesses of Prudential Financial, Inc. (NYSE:PRU).
“Our global footprint and our origination platform have enabled
us to meet borrower demand across corporate finance, energy,
infrastructure, commercial asset finance and credit tenant lease
sectors,” said Allen Weaver, senior managing director and head of
Prudential Capital Group. “More than half of transactions this year
have been with existing borrowers, demonstrating the strength of 75
years of financing and our relationship-first approach.”
First Half 2018 Highlights:
- $4.5 billion of investment grade
investments; $420 million of below-investment-grade investments;
$343 million of mezzanine and private equity investments
- 38 new clients across a range of
industries added to the portfolio and 56 existing clients returned
for further funding
- $1.8 billion in North American
Corporate Finance investments
- $2.3 billion invested in the U.K.,
Europe, Latin America and Australasia
- Approximately $853 million invested in
the energy sector
- Approximately $639 million invested in
key sectors, such as global infrastructure, credit tenant lease and
commercial asset financing
Prudential Capital Group saw strong activity in Europe, Latin
America and Australia, including a $75 million port financing
provided to Trabajos Maritimos S.A., which is one of the first
traditional corporate private placements in Peru. Latin America has
been a growing focus for Prudential Capital, which created a
dedicated Latin American team in 2015. Since then, Prudential
Capital has invested nearly $2.5 billion in Latin America, with six
transactions so far in 2018.
“Latin America has a strong base of both public and private
companies,” said Marie Fioramonti, managing director and head of
Pricoa Capital Group, the international arm of Prudential Capital
Group. “These building businesses need long-term capital to fuel
growth. Despite the political noise in the region, we are
continuing to meet that need. When other capital providers are
pulling back, Prudential Capital Group remains active. It’s how
we’ve built our market share around the world — we are a consistent
long-term financial partner, through ups and downs, supporting
long-term growth.”
Prudential Capital also provided $1.5 billion in the U.K. and
Europe including $250 million to French company Sodexo,
strengthening a long-time relationship that includes three previous
market transactions. Sodexo chose to issue directly with Prudential
Capital after a decade-long relationship and proven track
record.
Mezzanine activity more than doubled year-over-year for the same
six-month period, following a record year of mezzanine originations
with $525 million invested in 2017. Prudential Capital provided
$343 million in mezzanine and private equity investments through
Prudential Capital Partners, the middle-market mezzanine and equity
fund business sponsored by Prudential Capital Group, and through
their Energy Junior Capital Program, focused on mezzanine investing
in the energy sector. In January 2017, Prudential Capital Partners
launched its fifth mezzanine fund focused on North America and
Europe with more than $1.8 billion of committed capital. Since the
launch, 40 percent of the fund has been committed.
“Our global office network is tapping into the optimism of
closely held, middle-market businesses. We are seeing record
non-sponsored demand for our flexible mezzanine solutions,” said
Jeffrey Dickson, managing partner of Prudential Capital
Partners.
In total, Prudential Capital added 38 new relationships to the
portfolio and expanded relationships through new transactions with
56 repeat clients.
Said Weaver, “In an industry where capital can seem like a
commodity and relationships are often fleeting and transactional,
we pride ourselves on building close and enduring local
partnerships based on a steady and patient commitment to our
clients’ long-term capital needs.”
About Prudential Capital
Group
Prudential Capital Group has been a leading provider of private
placements, mezzanine debt and equity, to companies for more than
75 years. Managing a portfolio of nearly $82 billion as of March
31, 2018, Prudential Capital offers senior debt, mezzanine
financing, leveraged leases, project financing, credit tenant
leases as well as asset financing to companies worldwide. The
global regional office network has locations in Atlanta, Chicago,
Dallas, Frankfurt, London, Los Angeles, Milan, Minneapolis, Newark,
N.J., New York, Paris, San Francisco and Sydney.* For more
information, please visit prudentialcapitalgroup.com.
*Operates through PGIM (Australia) Pty Ltd.
About PGIM and Prudential Financial,
Inc.
With 15 consecutive years of positive third-party institutional
net flows, PGIM, the global asset management businesses of
Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10
largest asset managers in the world with more than $1 trillion
in assets under management as of March 31, 2018. 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 fundamental equity, quantitative equity, public fixed
income, private fixed income, real estate and commercial mortgages.
Its businesses have offices in 16 countries across five
continents.
Prudential Financial’s other businesses also offer a variety of
products and services, including life insurance, annuities and
retirement-related services. For more information about PGIM,
please visit pgim.com. For more information about Prudential,
please visit news.prudential.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180719005062/en/
PrudentialClaire Currie,
973-802-4040claire.currie@prudential.com
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