UK water utility secures GBP100 million from Prudential Financial
Pricoa Capital Group has announced that it has provided GBP100 million (US$126.4 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 of England.
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.
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.
Pricoa Capital Group is the private capital arm of PGIM, the US$1 trillion global investment management business of Prudential Financial, Inc. Investing in the UK water sector is a key component of the firm's infrastructure financing business.
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