At a Glance

AGT actively manages its portfolio with a long-term vision, looking for companies who trade at a discount to NAV and with a particular interest in Japan. The Trust is listed on the London Stock Exchange and is a constituent of the FTSE 250 index.

PGIM's relationship with AGT began in 2022, with our most recent transaction taking place in September 2024. This was the third transaction in as many years. In this instance, the Company was seeking alternatives to a refinancing of its RCF facility, reflecting a change in bank appetite for the sector.

As a solution, we proposed terming out RCF drawings with longer term capital; for this transaction, we were able to offer a longer tenor at 15 years at attractive pricing levels. This transaction closed a further ¥5 billion investment with AGT, with PGIM now being the Trust’s core debt capital provider.

AVI Global Trust decided to partner with us again given the strong existing relationship which allowed for fast execution of the transaction and which ensured a smooth process, as well as our ability to provide natural yen and attractive pricing.

We are proud to continue partnering with AVI Global Trust, and we look forward to supporting the business for the long term.