Prudential Capital Group announced it achieved more than $12 billion in annual originations in 2013, its highest production year on record, driven by the low-interest rate environment and increasing demand among borrowers in Europe looking for alternate sources of long-term financing.
The company, a leading source of private capital for middle-market, public and private companies, also announced that it has $12 billion available to invest in 2014. Prudential Capital Group is an investment business of Prudential Financial, Inc. (NYSE: PRU).
The $12 billion in 2013 originations continues a trend over the past decade in which Prudential Capital more than doubled its annual originations, achieving its most significant growth through the decade’s most volatile economic conditions. The figure exceeds the projected $11.6 billion originations target for 2013.
“Amid constantly changing markets, private debt capital continues to play a key role in helping companies take advantage of near-term opportunities and to plan for the future,” said Allen Weaver, senior managing director and head of Prudential Capital Group. “Europe in particular was a significant driver as companies searched for alternate sources of capital amid uncertain economic conditions on the continent. In the U.S., the low-interest rate environment coupled with an improving economic climate contributed to increased production in our regional offices.”
“Another important contributor in 2013 was our Energy Finance Group where borrowers, including many solar and wind projects, sought out longer-term financing options as well as our infrastructure and leverage lease group which had a record year. In 2014, we will continue to be an active capital provider in the energy, infrastructure and corporate finance markets in the U.S. and across the globe,” Weaver added.
Managing a portfolio of $66 billion as of December 31, 2013, Prudential Capital offers senior debt and mezzanine capital, leveraged leases, credit tenant leases, and equipment finance to companies, worldwide.