In September 2025, after having been introduced to PGIM’s San Francisco private credit team at an industry event, Allen Marine reached out seeking a junior capital partner able to help them (i) refinance existing senior term debt collateralized by assets from a non-core business being wound down along with (ii) prefunding seasonal working capital needs ahead of the company’s busy season. The Company’s highly seasonal cashflow made relying on traditional financing structures difficult, particularly with their multi-layered capital structure that includes bank debt, finance leases, a factoring facility, and seller's notes.
In April 2026, PGIM provided Allen Marine with $47.5 million Senior Subordinated Notes through our flagship mezzanine fund, serving as the sole capital provider in this transaction. PGIM’s tailored, flexible approach enabled the Company to design a bespoke subordinated debt security with an exit fee, accommodating their complex capital stack and seasonal cash flows in its structure.
Allen Marine chose to work with us due to our (i) ability to commit as sole investor without syndication, (ii) willingness to work alongside their existing lender, and (iii) relationship-driven, patient approach.
We appreciated this opportunity to work alongside Allen Marine on this inaugural transaction, and we look forward to supporting their future growth.
