Asset Backed

Financing key assets across industries and around the world.
We have been providing asset-backed capital to large, middle-market companies for more than 75 years. Our portfolio companies use the funds for a variety of critical business objectives, including new equipment, recapitalisation, and refinancing, as well as expansion. We have the capacity to execute large transactions between US$10 million and US$250 million for companies with attractive growth prospects and positive cashflow.

Management teams return to us again and again because they trust our expertise and our ability to consistently deliver on what we promise.

Through our Commercial Asset Finance group, we have dedicated teams across the US who specialise in asset-backed financing.
Typical size
  • US$10 million - US$250 million
Typical uses
  • Equipment acquisitions
  • Company acquisitions
  • Recapitalisation/Refinance
  • Capital for expansion
Structural characteristics
  • All industries except for commercial aviation
  • Public and private companies generating a minimum of US$10 million EBITDA
  • Domestic and international companies
  • Equipment and real estate loans
  • Investment grade and below investment grade debt; typically, fixed-rate, long-term senior notes with select interest in floating-rate
  • Senior secured term loans
  • Tenor beyond traditional bank market capacity
  • Multi-currency capability
Issuer benefits
  • Manufacturers – property, plant, equipment
  • Food processing, dairies, auto parts industry, water treatment
  • Distribution – warehouse, material handling equipment, truck fleets
  • Equipment rental – fleet assets
  • Containers, cranes
  • Marine – brown and blue water
  • Helicopters, corporate aircraft
  • Landfills & waste processors
Overseas Shipholding Group, Inc.
Marine vessel operator completes overall refinancing
Overseas Shipholding Group, Inc. is a publicly traded company (NYSE Symbol: OSG) headquartered in Tampa, Florida. It is a leading provider of energy transportation services, delivering oil and other petroleum products throughout the coastal US flag markets. Founded in 1948, Overseas Shipholding has operated through multiple shipping cycles and is a preferred energy transportation provider to major oil companies, refiners, and traders. It is the operator and manager of one of the largest US-based petroleum tanker and articulated tug barge vessel fleets in the country operating primarily under the Jones Act.

We have maintained a direct calling effort with the senior management of Overseas Shipholding for several years, working on various financial projects. Eventually, they sought refinancing of their existing public Term Loan B, held by institutional investors, which was coming due within the next year.  For the management team, the primary goal of the refinancing was to reduce the number of lenders in their loan facility and to partner with a more relationship-oriented lender group.

To that end, we worked with Overseas Shipholding in its capacity as the Administrative Agent, Collateral Agent, Mandated Lead Arranger, and Sole Bookrunner to provide a new US$325 million Senior Secured Term Loan Credit Facility with a small club of lenders consisting primarily of insurance companies and banks. The new term loan also has an incremental US$40 million accordion feature that was undrawn at closing, which could provide funding for growth and expansion.

We anchored the lead lending position and arranged the balance of the transaction under a tight timeframe. With the completion of the transaction, Overseas Shipholding gained a strong appreciation for our relationship-focused approach, certainty of execution, and deep marine and shipping lending expertise.
Portfolio Companies
We have an investment portfolio of US$1.4 billion in commercial asset finance as of 30.9.20.
“Pricoa Private Capital delivered on all aspects of this transaction. They demonstrated a keen understanding of our business and used that knowledge to develop the loan structure with us, build the lender group, and provide certainty of execution.”
Dick Trueblood, Chief Financial Officer, Overseas Shipholding Group, Inc.
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Pricoa Private Capital (‘PPC’) is a trading name of PGIM, Inc. (‘PGIM’), the principal asset management business of Prudential Financial, Inc. ('PFI'). Pricoa Private Capital registered in Ireland as PGIM Private Capital (Ireland) Limited, Pramerica Drive, Letterkenny Business and Technology Park, Letterkenny, Co Donegal, F92 W8CY, Ireland. Registered in Ireland under company number: 635793. Authorised and Regulated by the Central Bank of Ireland. In the United Kingdom (UK), and various other jurisdictions in Europe, certain investment activities are undertaken by PGIM Private Capital Limited, authorised and regulated by the Financial Conduct Authority, (registration number 172071). PGIM Private Capital Limited is registered in England No. 1331817. The registered office is Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR. PPC, Pricoa, PGIM and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

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