CIF Carador Eur

TIDMCIF TIDMCIFU TIDMCIFC

RNS Number : 0046Q

Carador Income Fund PLC

12 October 2011

Carador Income Fund PLC

Conversion of C Shares - Class C Calculation Time

Carador Income Fund PLC ("Carador" or the "Company") announces that, in accordance with the terms described in its prospectus dated 9 August 2011 (the "Prospectus"), the Investment Manager has notified the Board of Directors that as at 30 September 2011 91.5 per cent. of the assets attributable to the C Shares had been invested or committed to be invested in a portfolio consistent with the Company's investment policy. As a result, the Board has determined that the Class C Calculation Time (for the purposes of calculating the basis upon which the Company's U.S. Dollar C Shares will convert into U.S. Dollar Shares) will be the close of business on 30 September 2011.

The dividends for the period up to the Class C Calculation Time attributable to existing U.S. Dollar Shareholders and U.S. Dollar C Shareholders will be excluded from the calculation of Net Asset Value for the purpose of determining the conversion ratio and will be distributed at a date and amount to be notified to Shareholders.

A further announcement regarding the conversion ratio, Class C Conversion Time and the number of new U.S. Dollar Shares to be issued on Conversion will be made in due course.

The C Share investment portfolio invested or committed to be invested, as at 30 September 2011, is set out in the table below:

Mezzanine Debt Investments:

 
           Tranche              Coupon* (%)     Notional   Amount Invested 
 RSIDE 2011-3X SNR                     3.27   10,000,000         7,300,000 
 Apidos 2011-8A D                      4.86    6,200,000         4,278,000 
 Callidus III-A E                      6.48    4,500,000         3,996,709 
 Callidus VI-X D                       6.25    4,000,000         2,860,024 
 OCT7 2004-7A B2L                      6.23    2,750,000         2,165,177 
 LCM 2A E1                             5.75    4,800,000         1,884,230 
 Saturn 2007-1 D                       4.29    2,030,000         1,193,109 
 BSIS 2004-1A D1                       5.70    2,500,000         1,021,739 
 Babson 2005-2A D1                     4.75    1,500,000           929,291 
 
 * Current coupon (over par) 
 

Equity Investments:

 
                           Latest Distribution* 
         Tranche                            (%)     Notional   Amount Invested 
 Babson 2005-2A-SUB                       54.27   12,050,000         9,218,250 
 ING Investment 
  Management V SUBORD                     34.84    9,000,000         8,640,000 
 Stone Tower CLO 2007-7X 
  SUBORD                                  33.58    7,500,000         6,187,500 
 Silverado CLO 2006-I 
  SUBORD                                  35.44    6,750,000         4,792,500 
 Carlyle Azure CLO 
  INCOME                                  35.98    7,500,000         4,675,000 
 ING Investment 
  Management II Pref                      54.96    5,000,000         3,800,000 
 Callidus VII-A INC                       32.22    4,750,000         3,455,625 
 Inwood Park CDO SUBORD                   47.92    1,000,000           670,000 
 
 * Last distribution annualised over purchase 
  price for equity 
 

It is expected that the enlarged portfolio immediately following conversion will consist of approximately:

 
 Equity       51% 
 Mezzanine    48% 
 Senior       1% 
 

excluding cash and all expenses.

The Board will consider the use of further issues of Shares or C Shares to take advantage of opportunities to invest in the CLO market from time to time.

Capitalised terms in this announcement shall have the same meanings as in the Prospectus unless otherwise stated.

For further information please contact:

 
GSO Capital Partners International LLP 
Miguel Ramos-Fuentenebro                 +44 (0)20 7451 4000 
 
Singer Capital Markets Limited           +44 (0)20 3205 7500 
Jeff Keating 
 
Dexion Capital plc 
Ravi Anand                               +44 (0)20 7832 0981 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

CONFFFFWFFFSELS

Carador Eur (LSE:CIF)
Historical Stock Chart
From Jan 2025 to Feb 2025

Carador Eur (LSE:CIF)
Historical Stock Chart
From Feb 2024 to Feb 2025