Fair Oaks Income Limited Portfolio Update - replacement (5833B)
June 07 2019 - 10:34AM
UK Regulatory
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RNS Number : 5833B
Fair Oaks Income Limited
07 June 2019
The following amendment has been made to the Portfolio Update
announcement released on 7 June 2019 at 14:29 under RNS number
5672B.
Inclusion of Note 1.
The full amended text is shown below.
Fair Oaks Income Limited
7 June 2019
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 FOMC II LP ("Master Fund II") has entered into binding
contracts to acquire, in the primary market, EUR27 million notional
of equity notes in Fair Oaks Loan Funding I, a new CLO backed by a
portfolio of European broadly syndicated secured loans.
The manager of this CLO's portfolio is Fair Oaks Capital
Limited, the investment advisor to the Company and Master Fund
II.
This CLO's current target portfolio has a principal value of
EUR325 million across an expected 133 unique bank loan issuers,
with an expected weighted average exposure per issuer of
approximately 0.62%.
The potential total return for this investment, as estimated by
the general partner of Master Fund II, is between 14% and 15% per
annum (see Note 1).
In the same week, two existing investments were refinanced.
Master Fund I refinanced the liabilities of Elevation CLO 2015-4
(formerly called Arrowpoint CLO 2015-4), reducing its weighted
average cost of funding by 0.66%. Cycad Investments LP (in which
Master Fund II is invested) refinanced the liabilities of Elm CLO
2014-1, reducing its weighted average cost of funding by 0.47%.
LEI: 2138008KETEC1WM5YP90
Enquiries:
Fair Oaks Income Limited
Email: contact@fairoaksincome.com
Web: www.fairoaksincome.com
Fair Oaks Capital Limited
Investor Relations
DDI: +44 (0) 20 3034 0400
Email: ir@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
Notes:
1) The General Partner's estimate of the potential total return
for this investment is calculated across certain scenarios and
subject to certain assumptions. The estimated potential return
includes the expected impact of hedging the investment to USD and
the waiver of investment management fees at Master Fund II on the
amount invested. 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.
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 FOMC II LP) 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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