Interim Management Statement

RNS Number : 6802R

CVC Credit Partners European OpsLtd

29 October 2013

 



CVC Credit Partners European Opportunities Limited

(a closed-ended investment company incorporated in Jersey with registration number 112635)

Registered Office: 1 Castle Street, St Helier, Jersey JE4 9SR

INTERIM MANAGEMENT STATEMENT

FOR THE QUARTER ENDED 30 SEPTEMBER 2013

OVERVIEW AND OBJECTIVE

CVC Credit Partners European Opportunities Limited (the "Company"), is a closed-ended investment Company limited by shares, registered and incorporated in Jersey under the Companies (Jersey) Law 1991 on 20 March 2013, with registration number 112635. The Company's share capital is denominated in Euro and Sterling and consists of Euro and Sterling ordinary shares. The Company's Euro and Sterling ordinary shares are listed on the London Stock Exchange. The Company issued 325,578,580 ordinary shares, comprising 174,729,500 Euro ordinary shares and 150,849,080 Sterling ordinary shares on 25 June 2013 at a price of €1 and £1 per ordinary share respectively. There are also two management shares in issue, with no par value and no voting rights. The Company is self-managed and the Directors have invested the net placing proceeds through a single investment into a Compartment of an existing European credit opportunities investment vehicle, CVC European Credit Opportunities S.àr.l. (the "Investment Vehicle"), managed by CVC Credit Partners Investment Management Limited (the "Investment Vehicle Manager").

COMPANY SIZE

The total net assets of the Company are summarised as follows: Ordinary Share Class 30 September 2013 € 30 June 2013 € 30 September 2013 In Currency of Class 30 June 2013 In Currency of Class Euro Ordinary Shares 176,739,966 174,289,083 176,739,966 174,289,083 Sterling OrdinaryShares 182,581,340 175,576,323 152,619,023 150,473,334

SHARE CAPITAL

The number of shares in issue in each Ordinary share class of the Company is summarized as follows: Ordinary Share Class 30 September 2013 30 June 2013 Euro Ordinary Shares 174,729,500 174,729,500 Sterling OrdinaryShares 150,849,080 150,849,080

PERFORMANCE REVIEW

The share price (BID Price) of each share class of the Company is summarised as follows: Ordinary Share Class 30 September 2013 30 June 2013 Euro Ordinary Shares (€) 1.0100 1.0000 Sterling OrdinaryShares (£) 1.0175 0.9925 The NAV per share of each share class of the Company is summarised as follows: Ordinary Share Class 30 September 2013 30 June 2013 Euro Ordinary Shares (€) 1.0115 0.9975 Sterling OrdinaryShares (£) 1.0117 0.9975

INVESTMENT UPDATE

As of the end of September the portfolio is 77.68% ramped. The focus since launch has been to ramp the performing category of the portfolio. We continue to evaluate event driven and special situations investment opportunities to increase allocations to these investment strategies. Floating rate instruments currently comprise 89.6% of the portfolio. The cash yield at the month end was c.5.74% on the invested portion of the portfolio.

MATERIAL EVENTS AND TRANSACTIONS

Investment into Investment Vehicle The net placing proceeds were invested into the Investment Vehicle on 1 July 2013. 173,086,671.59 PECs in series 4 were purchased for €173,735,577. 149,430,778.01 PECs in series 5 were purchased for £149,990,997. Share Conversion The Company received share conversion requests amounting to 1,093,413 Euro ordinary shares to be converted to 913,797 Sterling ordinary shares, which were converted on 21 October 2013. Following the Share Conversion on 21 October 2013, 1,083,132.60 PECs in series 4 were converted to 905,354.28 PECs in series 5, making a total of 172,003,539 PECs in series 4 and 150,336,132.30 PECs in series 5. As at the date of this announcement the total number of shares in issue in each class are 173,636,087 Euro ordinary shares and 151,762,877 Sterling ordinary shares. During October 2013, the Company received share conversion requests amounting to 6,326,331 Euro ordinary shares to be converted to Sterling ordinary shares, and 1,459 Sterling shares to be converted to Euro shares, from shareholders for the 20 November 2013 Share Conversion Date.

Enquiries:

Northern Trust International Fund Administrators (Jersey) Limited

[phone]

Date: 29 October 2013

Disclaimer

Capitalised terms used in this report (the "Report"), unless otherwise defined herein, have the meaning provided for in the Company's Prospectus dated 12th June 2013.

This Report is published by the Company. Any matters contained in this Report relating to CVC Credit Partners, the CVC Group, the Investment Vehicle or the markets in which the Investment Vehicle invests have been prepared by CVC Credit Partners. The Company has relied upon and assumed (without independent verification) the accuracy of such information. This Report is not an offering of, or a solicitation of an offer to buy, securities in any jurisdiction. This Report has not been approved by any supervisory authority and no regulatory approvals have been obtained. The information contained in this Report has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions expressed herein. The Company has, however, taken reasonable steps to ensure that this Report and the information contained herein is not misleading, false or deceptive.

In addition, persons into whose possession this Report has come are deemed to have ensured that their receipt of this Report is in compliance with the laws applicable to them. Nothing contained herein shall be deemed to be binding against, or to create any liability, obligations or commitment on the part of the Company, its directors and officers or CVC Credit Partners. Nothing contained herein is to be construed as investment, legal or tax advice and neither the Company, CVC Credit Partners nor any of their respective directors, officers, employees, partners, members, shareholders, advisers, agents or affiliates make any representation or warranty, express or implied as to the fairness, correctness, accuracy or completeness of this Report, and nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance or otherwise. There is no certainty that the parameters and assumptions used can be duplicated with actual trades or investments. There can be no assurance that the strategy described herein will meet its objectives generally, or avoid losses.

The information and opinions contained in this Report do not purport to be comprehensive, are provided as at the date of the document and are subject to change without notice. Neither the Company nor CVC Credit Partners, nor any other person is under any obligation to update or keep current the information contained herein. No part of this Report, nor the fact of its publication, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This Report contains certain "forward-looking statements" regarding the belief or current expectations of the Company, CVC Credit Partners and members of its senior management about the Company's financial condition, results of operations and business. Such forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company and are difficult to predict, that may cause the actual results, performance, achievements or developments of the Company or the industry in which it operates to differ materially from any future results, performance, achievements or developments expressed or implied from the forward-looking statements.

This Report is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, South Africa or Japan or to US Persons as defined in Regulation S under the US Securities Act ("US Persons"). The information contained herein does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States, Australia, Canada, South Africa or Japan or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction.

The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and, as such, holders of the Company's securities will not be entitled to the benefits of the Investment Company Act. The securities discussed herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold in the United States or to, or for the account or benefit of, US persons absent registration or an exemption from registration under the US Securities Act in a manner that would not require the Company to register under the US Investment Company Act 1940. No public offering of securities will be made in the United States. No securities may be offered or sold, directly or indirectly, into the United States to US persons absent registration or an exemption from registration under the US Securities Act and in a manner that would not require the Company to register under the US Investment Company Act of 1940.

CVC Credit Partners European Opportunities Limited is regulated by the Jersey Financial Services Commission

This information is provided by RNS

The Company news service from the London Stock Exchange

A copy of this announcement is and will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, for inspection on the Company's website at www.ccpeol.com

 

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