In 2023 PGIM's private credit platform continued to be a consistent capital provider to UK and Irish borrowers. We remained focussed on developing long-term funding relationships with companies, consistent with our philosophy of being a funding partner through the cycle.
We are pleased to share some 2023 highlights:
- 36 transactions across the credit spectrum, totalling £1.6Bn invested. Borrowers raised capital for a wide range of purposes, including investment, refinancing, and interest rate management.
- 25 Investment Grade transactions totalling £1.1Bn, providing long-term fixed rate capital with a high proportion of bilateral activity seen during the year (79% bilateral excluding infrastructure).
- 5 Below Investment Grade transactions totalling £254mm, providing long-term fixed rate capital across a range of sectors.
- 6 Direct Lending transactions totalling £235mm, providing floating rate stretch-Senior financing. 4 of the 6 were with non-sponsor owned businesses.
- £1.2Bn of Shelf capacity added, resulting in our partner companies maintaining over £2Bn of undrawn capacity on Shelves.
- Continued support for Mezzanine investments, where PGIM holds patient and flexible Subordinated Debt and Minority Equity.
Select Transactions
*Sources of data: PGIM as of 31/12/2023
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For more information, please contact,
Ed Jolly
Managing Director
Tolgar Sirvanci
Managing Director & Senior Credit Officer
Michael Marsh
Senior Principal
Rhiannon Ledger
Principal
Adam Shield
Principal
Ruarih Gilmour
Principal
Daryl Skinner
Principal
February 27, 2024
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