Prudential Private Capital coordinates $200M First Mortgage Bond Club Transaction for AES Ohio
DALLAS, January 24, 2024 – Prudential Private Capital coordinated a $200 million First Mortgage Bond club transaction for AES Ohio, a regulated electric utility serving over 527,000 customers in West Central Ohio. The transaction was arranged by Prudential Investment Management Services, LLC (“PIMS”), which brought in three other financial partners. Proceeds will be used to refinance short-term debt and support capital expenditures.
AES Ohio is an indirect subsidiary of the AES Corporation (NYSE: AES), a Fortune 500 global power company. AES provides affordable, sustainable energy to 14 countries through its diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Prudential Private Capital is a source of private debt for public and private companies and is the private capital arm of PGIM, the $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
“We are proud to continue our partnership with AES Ohio through our third direct transaction with the Company, reinforcing our relationship-based financing approach. Our partnership is a testament to our commitment to financing the energy needs of communities and ensuring the safe and reliable delivery of electricity,” said Ty Bowman, Senior Vice President of Prudential Private Capital’s Power group. Notably, Prudential Private Capital first supported the Company in July 2020 through the issuance of $140 million of First Mortgage Bonds (“FMB”), followed by a second transaction in April 2023 through the issuance of $100 million of FMB also on a bilateral basis.
“We are proud to continue our partnership with AES Ohio through our third direct issuance with the Company, reinforcing our relationship-based financing approach.”
Ty Bowman, Senior Vice President, Real Assets – Power
“Prudential Private Capital continues to be a trusted relationship-based capital provider for AES Ohio and AES more broadly. Prudential’s continued support and ability to execute financings with efficiency and scale are distinguishing factors as we source the capital needed to execute on our plans,” said Dustin Illyes, Treasurer of US Utilities & Conventional Generation at The AES Corporation.
About AES Ohio
AES Ohio is the principal subsidiary of DPL Inc. (DPL), a regional energy provider and an AES company. AES Ohio, a regulated electric utility, provides service to over 527,000 customers in West Central Ohio. During its long history, AES Ohio has served its customers with the lowest distribution rate in Ohio among investor-owned utilities. Connect with AES Ohio on X (Formerly Twitter), Facebook, and LinkedIn. Learn more about how AES Ohio is accelerating the future of energy, visit aes-ohio.com.
About Prudential Private Capital
For nearly 100 years, Prudential Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of over $97.0 billion for our partners (as of September 30, 2023).
