Fair Oaks Income Limited Portfolio Update (1811D)
April 25 2017 - 1:01AM
UK Regulatory
TIDMFAIR TIDMFAIC TIDMFA14
RNS Number : 1811D
Fair Oaks Income Limited
25 April 2017
Fair Oaks Income Limited
25 April 2017
FAIR OAKS INCOME LIMITED (the "Company")
(Incorporated in Guernsey under The Companies (Guernsey) Law,
2008, as amended, with registered number 58123 and registered as a
Registered Closed-ended Collective Investment Scheme with the
Guernsey Financial Services Commission)
Portfolio Update
Fair Oaks Income Limited (the "Company") is pleased to announce
that Fair Oaks Master Credit Fund II LP ("Master Fund II") has
entered into binding contracts to acquire, in the primary market,
$27 million notional of equity notes, representing 75% of the total
equity of AIMCO CLO Series 2017-A LLC, a new CLO backed by a
portfolio of US broadly syndicated, secured loans.
The manager of this CLO's portfolio is AIMCO, a subsidiary of
The Allstate Corporation ("Allstate"). Allstate is a listed, US
based multi-line insurer group with over $86 billion worth of
investment assets as of December 31, 2016, including approximately
$11 billion of leveraged credit.
This CLO's current target portfolio has a principal value of
$400 million across an expected 200+ unique bank loan issuers, with
an expected weighted average exposure per issuer of approximately
0.5%.
The potential total return for this investment as estimated by
the general partner of Master Fund II is between 14% and 16% per
annum (see Note 1).
This investment will be funded by a first draw-down from the C
Share pool, following which the C Shares will have an interest in
Master Fund II (with underlying exposure to 50 CLO securities and
in excess of 900 unique underlying loans) and $43 million of
committed but undrawn cash.
Enquiries:
Fair Oaks Income Limited
Email: contact@fairoaksincome.com
Web: www.fairoaksincome.com
Fair Oaks Capital Limited
Hayley Stewart
DDI: +44 (0) 20 3034 0406
Email: hstewart@fairoakscap.com
Praxis Fund Services Limited
Ben Le Prevost
DDI: +44 (0) 1481 755524
Email: Ben.LePrevost@praxisifm.com
Numis Securities Limited
Nathan Brown, Corporate Broking
DDI: +44 (0) 20 7260 1426
Email: n.brown@numis.com
Fair Oaks Income Limited
Fair Oaks Income Limited is a registered closed-ended investment
company incorporated in Guernsey. The Company was admitted to
trading on the Specialist Fund Market of the London Stock Exchange
(now the Specialist Fund Segment of the Main Market of the London
Stock Exchange) on 12 June 2014.
The investment policy of the Company is to invest (either
directly and/or indirectly through the Master Fund and/or Master
Fund II) in US and European CLOs or other vehicles and structures
which provide exposure to portfolios consisting primarily of US and
European floating-rate senior secured loans and which may include
non-recourse financing. The Company will implement its investment
policy by remaining invested in the Master Fund and making new
investments in Master Fund II.
Notes
1) The General Partner's estimate of the potential total return
for this investment in calculated across certain scenarios and
subject to certain assumptions. This and any other references
herein to potential future returns or distributions are targets and
not forecasts and there can be no guarantee or assurance that they
will be achieved.
This document is for information purposes only and is not an
offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment
decisions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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