Yorkshire Water closes private placement

UK-based Yorkshire Water, a provider of essential water and wastewater services, has secured 100 million pounds in a private placement. The investor was Pricoa Capital Group, the private capital arm of PGIM, the global investment management business of Prudential Financial Inc.


LONDON–(BUSINESS WIRE)–Pricoa Capital Group has provided £100 million in private placement financing to Yorkshire Water, provider of essential water and wastewater services to residents and businesses in the Yorkshire and Humber region. Pricoa Capital Group is the private capital arm of PGIM, the US$1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

Yorkshire Water sought to bring a new lender into its capital structure through a bilateral process and was introduced to Pricoa Capital Group by the debt finance specialist firm IDCM Limited.

“We welcomed the opportunity to partner with Pricoa Capital Group, an established investor in the UK water sector, to secure competitive financing that fits well with Yorkshire Water’s long-term requirements,” said Liz Barber, director of finance, regulation and markets, Yorkshire Water.

The transaction, arranged in a dual tranche of 16- and 20-year fixed-rate senior notes, will fund Yorkshire Water’s ongoing business activities and diversify its investor base.

“Investing in the UK water sector is an important component of our infrastructure financing business. We are pleased to provide Yorkshire Water with this private placement as they continue to supply efficient and sustainable water services to their millions of customers,” said Christina Kim, vice president, infrastructure investing, Pricoa Capital Group.

About Pricoa Capital Group
Pricoa 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 more than US$81 billion as of 30 September 2018, Pricoa offers senior debt, junior capital, 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, Mexico City*, Milan, Minneapolis, Newark, New York, Paris, San Francisco and Sydney**. For more information, please visit pricoa.com.

* Operates through PGIM Real Estate Mexico S.C.

** 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 business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than US$1 trillion in assets under management as of 30 September 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 15 countries across five continents. For more information, please visit pgim.com.

Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, which is headquartered in the United Kingdom.

Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.

*As ranked in Investment & Pensions Europe Top 400 Asset Managers list, June 2018; based on PFI total worldwide assets under management as of 31 December 2017.