Cash Exit Payments

RNS Number : 8999P

Highbridge Tactical Credit Fund Ltd

15 October 2019

 

15 October 2019

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

Highbridge Tactical Credit Fund Limited

(the "Company")

Receipt of Shares in the Tactical Credit Fund, Cash Exit Payments and Change of Website

Further to the Company's circulars to Shareholders dated 31 July 2019 and 28 August 2019, the Company has received confirmation from Highbridge that it is to receive its first dividend-in-kind distribution of £35.7m of new shares in TCF Feeder. This distribution represents approximately 75% of the assets of the HMS Master Fund attributable to the Continuation Portfolio.

Further announcements will be made when further distributions are received. The Company will continue to be a shareholder of the Highbridge Multi-Strategy Fund Corporation (HCC) until all of the assets of the HMS Master Fund have been liquidated.

Initial Cash Exit Offer and Subsequent Cash Exit Offer - Initial Cash Distribution

On 9 October 2019, the Company announced the receipt of £127,089,564 from Highbridge in connection with realisation of assets comprised in the Initial Redemption Portfolio (created following the Initial Cash Exit Offer) and the Redemption Portfolio (created following the Subsequent Cash Exit Offer). This amount represents approximately 75% of the assets of the HMS Master Fund attributable to former shareholders of the Company who redeemed Shares pursuant to the Initial Cash Exit Offer and/or the Subsequent Cash Exit Offer ("2019 Cash Exit Offers" and "Multi-Strat Creditors" as applicable). The value of the Company's other net assets attributable to the Initial Redemption Portfolio and the Redemption Portfolio based on the last published unaudited net asset value of the Company as at 20 September 2019 was £6,468,589.

Accordingly, on or around 18 October 2019, approximately £133.4m in aggregate is expected to be paid to Multi-Strat Creditors, equating to £1.62 per Share in respect of the 2019 Cash Exit Offers.

Multi-Strat Creditors are reminded that they will receive the redemption proceeds as a number of cash payments following receipt by the Company of the redemption proceeds from HCC, and further announcements will be made when any further cash payment is to be made following the realisation of any other assets comprised in the Redemption Portfolio.

AllBlue Funds

On 29 July 2019, the Company announced it had received £839,570 and US$59,484 from AllBlue Limited ("AllBlue"), along with £209,664 from AllBlue Leveraged Feeder Limited ("AllBlue Leveraged", and together with AllBlue, the "AllBlue Funds") (the " AllBlue Proceeds").

Since the Company's announcement of 29 July 2019, the Company has not received any further updates from the Liquidator of the AllBlue Funds and does not expect to receive any further distributions from the AllBlue Funds for the foreseeable future.

Given the relatively low value of the AllBlue Proceeds compared to the number of creditors, the Board of the Company has determined not to make any payments of the AllBlue Proceeds until such time that further distributions are received in respect of the AllBlue Funds in order to avoid an undue administrative burden and excessive costs, including bank charges payable by each recipient of such payments.

Change of Name of Master Fund and Feeder Fund

The Company has been informed that (i) 1992 Tactical Credit Master Fund, L.P. has changed its name to Highbridge Tactical Credit Master Fund, L.P. and (ii) 1992 Tactical Credit Fund, Ltd. has changed its name to Highbridge Tactical Credit Fund, Ltd.

Any references to 1992 Tactical Credit Master Fund, L.P. and 1992 Tactical Credit Fund, Ltd. in the Company's investment objective and policy or other materials should be read as Highbridge Tactical Credit Master Fund, L.P. and Highbridge Tactical Credit Fund, Ltd. respectively.

Change of Website

Following the change to the Company's investment policy and name, the Company's website address has been changed to https://www.highbridgetcfltd.co.uk.

Terms used and not defined in this announcement will bear the meanings given in the circular dated 28 August 2019.

For further information please contact:

Praxis Fund Services Limited

Company Secretary

Tel: [phone]

LEI: 213800397SYHLYFH5961

 

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