Fair Oaks Income Limited Portfolio Update (6352S)
March 18 2021 - 02:00AM
UK Regulatory
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RNS Number : 6352S
Fair Oaks Income Limited
18 March 2021
18 March 2021
Fair Oaks Income Limited
(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 Fund Limited (the "Company") is pleased to
announce that FOMC II LP (the "Master Fund") has completed the
reset of AIMCO 2017-A a CLO backed by a portfolio of US broadly
syndicated, secured loans.
The original purchase of AIMCO 2017-A ($27 million par value)
was completed in April 2017 with a weighted average coupon for the
CLO financing of US Libor+1.85%. AIMCO 2017-A's original investment
period was scheduled to end in July 2021.
After the reset, AIMCO 2017-A will benefit from a weighted
average coupon of US Libor+1.61% and an additional five-year
investment period.
As a result of the reset, the potential total return for this
investment, since inception, as estimated by the general partner of
the Master Fund (the "General Partner"), will increase by 4.27% per
annum and the projected multiple on capital invested will increase
from 1.4x to 1.9x (see Note 1).
In addition, as part of the reset transaction, the documentation
of the investment has been updated to include ESG investment
restrictions. The Company believes that this is the first instance
of a US CLO that has used a reset to implement this change.
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
Liberum Capital Limited
Chris Clarke, Investment Banking
DDI: +44 (0) 20 3100 2190
Email: chris.clarke@liberum.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 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.
Note 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.
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END
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