At a Glance

In 2023, Associated Feed reached out to PGIM seeking assistance in refinancing an existing bridge loan used to strategically acquire feed production facilities. The incumbent bank lender had financed the acquisition under the requirement that the Company pay down a portion of the debt within a designated period, and Associated Feed sought to work with PGIM to achieve this aim.

In July 2025, PGIM provided Associated Feed with $40 million of Senior Subordinated Notes. While the Company initially considered financing the full transaction with senior debt and additional equity, they ultimately decided to utilize mezzanine capital to provide more flexibility while minimizing equity dilution.

Associated Feed's management appreciated (i) our ability to structure a customized financing solution that fit the family's needs, (ii) our long-term relationship approach and strategic growth-oriented mindset, and (iii) our ability to provide capital for future growth initiatives.

PGIM looks forward to supporting Associated Feed in their future endeavors.