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Case Study

Morgan Advanced Materials sets up new Multicurrency Shelf facility and draw of notes.

Based in Windsor, United Kingdom, Morgan Advanced Materials (“Morgan” or the “Company”) is a global manufacturer of advanced carbon and ceramic materials that provide solutions for complex applications across a diverse range of end markets.

Case Study

Morgan Advanced Materials sets up new Multicurrency Shelf facility and draw of notes.

Based in Windsor, United Kingdom, Morgan Advanced Materials (“Morgan” or the “Company”) is a global manufacturer of advanced carbon and ceramic materials that provide solutions for complex applications across a diverse range of end markets.

At a Glance

Prudential’s relationship with Morgan started in 1991, when the Company established its first Pru-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 Pru-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.

Relationship since 1991
Transaction details:
  • US$50,000,000 Senior Unsecured Notes
  • US$125,000,000 Pru-Shelf

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Rhiannon Ledger headshot
Rhiannon Ledger
Vice President​
+44 207 621 8424
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London, Thames Valley, & Ireland

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