NB Private Equity Partners Limited : Net Asset Value and Monthly Investor Update
October 14 2016 - 1:00AM
THE INFORMATION CONTAINED HEREIN IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA,
ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF
SUCH JURISDICTIONS
14 October 2016
NB Private Equity Partners Limited
("NBPE" or the "Company"), a closed-end private equity investment
company, today announced an updated Net Asset Value ("NAV") for the
month ended 30 September 2016.
Key
Highlights
|
Month |
30 Sept 16 YTD |
30 Sept 16 LTM |
|
|
|
|
Total
return NAV development per Share[1] |
1.6% |
6.4% |
6.3% |
NAV
development per Share |
1.6% |
2.7% |
2.6% |
-
30 September 2016 NAV per Share of $14.75, $0.23
increase from $14.52 NAV per Share at 31 August 2016
-
NBPE's NAV increase of $11.1 million during the
month included:
Portfolio
Valuation
The value of NBPE's private equity
portfolio as of 30 September 2016 was based on the following
information[2]:
Portfolio
Commentary
During September, NBPE received
$26.3 million of distributions from income investments, of which
$22.0 million was the result of full exits from two second lien
debt positions. The remaining distributions from the income
portfolio consisted of interest and principal payments. In the
direct equity portfolio, NBPE received $1.2 million of proceeds
from the continuing realisation of its public holding of Commscope.
NBPE also received $3.6 million of distributions from its fund
portfolio during September. In terms of new investments, NBPE
funded $6.0 million into new income investments and $5.5 million to
new and follow-on equity investments.
In a notable post reporting period
event, on 11 October 2016, Extraction Oil & Gas (previously
referred to in NBPE reporting as "Oil & Gas Company") completed
an initial public offering. The IPO price has been used in this
monthly report to reflect fair value as of September 30th 2016.
Following this uplift in valuation, Extraction represents the
largest investment in NBPE, comprising 4.4% of September 30th 2016
net asset value and increasing total public equity exposure to
12.3% of net asset value.
A notable capital structure
initiative was completed during September, with the issuance of £50
million of 2022 ZDP Shares at a Gross Redemption Yield of 4%. This
new issue was substantially completed through a roll over of the
existing 2017 ZDP shares. This issuance, together with the new
credit facility put in place in June 2016, extends NBPE's financing
maturities and positions it with a strong balance sheet and
significant capacity for new investments.
For further
information, please contact:
NBPE Investor
Relations +1
214 647 9593
Neustria
Partners
+44 20 3021 2580
Nick Henderson
Nick.Henderson@neustriapartners.com
Robert Bailhache
Robert.Bailhache@neustriapartners.com
Charles Gorman
Charles.Gorman@neustriapartners.com
[1] Assumes reinvestment of dividends on the ex-dividend date
and reflects cumulative returns over time period shown.
[2] Please refer to the valuation methodology section of the
monthly report for a description of the Manager's valuation policy.
While some valuation data is as of 30 June 2016, the Manager's
analysis and historical experience lead the Manager to believe that
this approximates fair value at 30 September 2016.
3 Includes Extraction valued
at 11 October 2016 IPO price of $19 per share, based on preliminary
share count and subject to adjustments.
September Monthly Investor
Update
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: NB Private Equity Partners Limited via
Globenewswire
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