Pricoa’s relationship with Morgan started in 1991, when the Company established its first Pricoa-Shelf facility. Over the last 30+ years, we have maintained a strong, relationship, funding growth and diversification by participating in several direct transactions, including multiple Pricoa-Shelf facilities.
In Q4 2022 Morgan successfully de-risked their UK defined benefit pension, transitioning the scheme to a fully funded position on a long-term objective basis. Our patient capital was viewed as appropriate in supporting this transaction, with the incremental capacity provided through a Shelf giving the Company quick access to future private placement funding.
In May 2023, we closed a $125 million, 3-year multicurrency Shelf with an initial draw of $50 million Senior Unsecured Notes. Morgan decided to partner with us given our long-term relationship, capacity for follow-on funding, and the diversification of funding sources.
We are very pleased to continue our support of the business and look forward supporting Morgan’s growth in the years to come.