Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PGIM Credit Income Fund
(Name of Issuer)
Class Z common shares of beneficial interest,
par value $0.001
Class A common shares of beneficial interest, par value $0.001
Class C common shares of beneficial interest, par value $0.001
(Title of Class of Securities)
69434A108 (Class Z)
69434A207 (Class A)
69434A306 (Class C)
(CUSIP Number)
Andrew French
c/o PGIM Strategic Investments, Inc.
655 Broad Street
Newark, NJ 07102
(973) 367-2396
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
January 2, 2024
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d–1(e), 240.13d–1(f) or 240.13d–1(g), check the following box. ¨
NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d–7 for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
1 |
NAMES OF REPORTING PERSON PGIM Strategic Investments, Inc. |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) ¨ |
3 | SEC USE ONLY |
4 |
SOURCE OF FUNDS (See Instructions) OO |
5 |
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) ¨ |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION New Jersey |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
SOLE VOTING POWER 0 |
8 |
SHARED VOTING POWER 4,056,631.689 Class Z common shares of beneficial interest 406.570 Class A common shares of beneficial interest 405.965 Class C common shares of beneficial interest | |
9 |
SOLE DISPOSITIVE POWER 0 | |
10 |
SHARED DISPOSITIVE POWER 4,056,631.689 Class Z common shares of beneficial interest 406.570 Class A common shares of beneficial interest 405.965 Class C common shares of beneficial interest |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,056,631.689 Class Z common shares of beneficial interest 406. 570 Class A common shares of beneficial interest 405.965 Class C common shares of beneficial interest |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨ |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 99.9% of Class Z 100% of Class A 100% of Class C |
14 |
TYPE OF REPORTING PERSON (See Instructions) CO |
1 |
NAMES OF REPORTING PERSON Prudential Financial, Inc. |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) ¨ (b) ¨ |
3 | SEC USE ONLY |
4 |
SOURCE OF FUNDS (See Instructions) OO |
5 |
CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) ¨ |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION New Jersey |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
SOLE VOTING POWER 0 |
8 |
SHARED VOTING POWER 4,056,631.689 Class Z common shares of beneficial interest 406.570 Class A common shares of beneficial interest 405.965 Class C common shares of beneficial interest | |
9 |
SOLE DISPOSITIVE POWER 0 | |
10 |
SHARED DISPOSITIVE POWER 4,056,631.689 Class Z common shares of beneficial interest 406.570 Class A common shares of beneficial interest 405.965 Class C common shares of beneficial interest |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,056,631.689 Class Z common shares of beneficial interest 406.570 Class A common shares of beneficial interest 405.965 Class C common shares of beneficial interest |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) ¨ |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 99.9% of Class Z 100% of Class A 100% of Class C |
14 |
TYPE OF REPORTING PERSON (See Instructions) CO |
Explanatory Note
This amendment No. 1 (“Amendment No. 1”) amends the statement on Schedule 13D filed with the Securities and Exchange Commission on December 21, 2023 (as amended, the “Schedule 13D”) related to the Class Z common shares of beneficial interest, par value $0.001 per share (the "Class Z Shares"), Class A common shares of beneficial interest, par value $0.001 per share (the "Class A Shares") and Class C common shares of beneficial interest, par value $0.001 per share (the "Class C Shares” and collectively, the “Common Shares”) of PGIM Credit Income Fund, a Delaware statutory trust (the “Issuer”). The Issuer’s principal executive offices are at 655 Broad Street, Newark, New Jersey 07102.
The Items below amend the information disclosed under the corresponding Items of the Schedule 13D as described below. Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 1 shall have the same meanings ascribed to them in the Schedule 13D.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 of the Schedule 13D is hereby amended and supplemented as follows:
On January 2, 2024, PGIM Strategic Investments, Inc. purchased 1,191,895.113 Class Z Shares at $25.17 per Class Z Share for an aggregate purchase price of $30,000,000, which was paid for from PGIM Strategic Investments, Inc.’s invested capital.
PG IM Strategic Investments, Inc. participates in the dividend reinvestment plan (the “DRIP”) of the Issuer, through which holders of Common Shares may choose to have cash dividends or cash distributions automatically reinvested in Common Shares and, consequently, was issued additional Common Shares in lieu of receiving cash payments as follows:
Class of Shares | Date
of DRIP Reinvesment | Amount Reinvested | Price per Share | Number of Shares | ||||||||||
Class A Shares | 12/28/2023 | $ | 49.91 | $ | 25.18 | 1.982 | ||||||||
Class A Shares | 01/31/2024 | $ | 50.85 | $ | 25.32 | 2.008 | ||||||||
Class A Shares | 02/29/2024 | $ | 65.53 | $ | 25.40 | 2.580 | ||||||||
Class C Shares | 12/28/2023 | $ | 45.55 | $ | 25.18 | 1.809 | ||||||||
Class C Shares | 01/31/2024 | $ | 45.79 | $ | 25.32 | 1.808 | ||||||||
Class C Shares | 02/29/2024 | $ | 59.64 | $ | 25.40 | 2.348 | ||||||||
Class Z Shares | 12/28/2023 | $ | 359,907.98 | $ | 25.18 | 14,293.407 | ||||||||
Class Z Shares | 01/31/2024 | $ | 523,992.21 | $ | 25.32 | 20,694.795 | ||||||||
Class Z Shares | 02/29/2024 | $ | 673,312.70 | $ | 25.40 | 26,508.374 |
Item 5. | Interest in Securities of the Issuer. |
Item 5 (a)-(c) of the Schedule 13D is hereby amended and restated as follows:
The information set forth in the cover pages of this Schedule 13D is hereby incorporated by reference into this Item 5.
(a) and (b). As of the date hereof, PGIM Strategic Investments, Inc. directly holds an aggregate of 4,056,631.689 Class Z Shares, representing 99.9% of the outstanding Class Z Shares; an aggregate of 406.570 Class A Shares, representing 100% of the outstanding Class A Shares and an aggregate of 405.965 Class C Shares, representing 100% of the outstanding Class C Shares. PGIM Strategic Investments, Inc. is an indirect wholly owned subsidiary of Prudential Financial, Inc. and as such, Prudential Financial, Inc. may be deemed the beneficial owner of the securities reported herein. The filing of this Schedule 13D shall not be construed as an admission that Prudential Financial, Inc. is the beneficial owner of any securities covered by this Schedule 13D.
(c) Except as otherwise set forth in this Schedule 13D, none of the Reporting Persons or, to the best knowledge of such persons, the persons named in Annex A, has effected any transactions in the Common Shares during the past 60 days.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: March 18, 2024
PGIM STRATEGIC INVESTMENTS, INC. | ||
By: | /s/ Andrew French | |
Name: | Andrew French | |
Title: | Attorney-in-Fact | |
PRUDENTIAL FINANCIAL, INC. | ||
By: | /s/ Andrew French | |
Name: | Andrew French | |
Title: | Second Vice President |
Annex A
Directors and Executive Officers of the Reporting Persons
The following sets forth certain information regarding the directors and executive officers of PGIM Strategic Investments, Inc. Unless otherwise noted, the business address of each director and executive officer of PGIM Strategic Investments, Inc. is 655 Broad Street, Newark, NJ 07102.
Directors:
Name | Citizenship | Present Principal Occupation or Employment |
David A. Hunt | USA | Senior Vice President, PGIM President & CEO; Director & President PGIM Strategic Investments, Inc. |
Brian M. Mattia | USA | Vice President, Planning & Analysis; Director & Treasurer PGIM Strategic Investments, Inc. |
Jurgen Muhlhauser | USA | Vice President, Finance; Director, PGIM Strategic Investments, Inc. |
Officers:
Name | Citizenship | Present Principal Occupation or Employment |
David A. Hunt | USA | Senior Vice President, PGIM President & CEO; Director & President PGIM Strategic Investments, Inc. |
Brian M. Mattia | USA | Vice President, Planning & Analysis; Director & Treasurer PGIM Strategic Investments, Inc. |
Jurgen Muhlhauser | USA | Vice President, Finance; Director, PGIM Strategic Investments, Inc. |
Joseph Hsu | USA | Vice President, Financial Reporting; Controller, PGIM Strategic Investments, Inc.. |
Kathleen Denicholas | USA | Vice President, Corporate Counsel; Secretary, PGIM Strategic Investments, Inc. |
The following sets forth certain information regarding the directors and executive officers of Prudential Financial, Inc. Unless otherwise noted, the business address of each director and executive officer of Prudential Financial, Inc. is 751 Broad Street, Newark, NJ 07102.
Directors:
Name | Citizenship | Present Principal Occupation or Employment |
Gilbert F. Casellas | USA | Former Chairman of OMNITRU. |
Martina T. Hund-Mejean
|
USA | Former Chief Financial Officer, MasterCard Worldwide. |
Kathleen Ann Murphy | USA | Former President of Fidelity’s Personal Investing Business. |
Douglas A. Scovanner
|
USA | Founder and Managing Member, Comprehensive Financial Strategies, LLC. |
Robert M. Falzon
|
USA | Vice Chairman of Prudential Financial, Inc. |
Wendy E. Jones
|
USA | Former Senior Vice President, Global Operations eBay, Inc. |
Sandra Pianalto | USA | Former President and CEO, Federal Reserve Bank of Cleveland. |
Christine A. Poon | USA | Former Dean and John W. Berry, Sr. Chair in Business at The Fisher College of Business at The Ohio State University. |
Michael A. Todman | USA | Former Vice Chairman, Whirlpool Corporation. |
Charles F. Lowrey | USA | Chairman and Chief Executive Officer, Prudential Financial, Inc. |
Officers:
Name | Citizenship | Present Principal Occupation or Employment |
Robert M. Falzon | USA | Vice Chairman |
Charles F. Lowrey | USA | Chairman and Chief Executive Officer |
Kenneth Y. Tanji | USA | Executive VP and Chief Financial Officer |
Lucien A. Alziari | USA | Executive VP and Chief Human Resources Officer font> |
Stacey Goodman | USA | Executive VP and Chief Information Officer |
Timothy L. Schmidt | USA | SVP and Chief Investment Officer |
Ann M. Kappler | USA | Executive VP and General Counsel |
Caroline Feeney | USA | Executive VP and Head of U.S. Businesses |
Andrew F. Sullivan | USA | Executive VP, Head of International Business and Global Investment Management |
Bradley O. Harris | USA | Senior VP and Chief Actuary |
Except as set forth in this Schedule 13D, to the best knowledge of the Reporting Persons, none of the individuals listed above beneficially owns any Common Shares.