Investment commitment of c. £15million

RNS Number : 9816F

Project Finance Investments Limited

17 November 2015

 

17^th November 2015

Project Finance Investments Limited

(the "Company")

Investment commitment of c. £15 million

c. 20 year loan note

The Board of Directors of the Company is pleased to announce the completion on 16^th November 2015 of a transaction committing the Company to subscribe for a loan note with a term of up to c. 20 years in an amount of up to c. £15m (the "Loan Note"), of which c. £3.6m is subscribed for immediately with the remainder expected to be subscribed for over the next 4 months.  The yield on the Loan Note is variable, but is floored at 7.0% per annum, payable quarterly in arrears.

The Loan Note was issued by Project Finance Investments (UK) Limited, a wholly owned subsidiary of the Company.

The proceeds of the Loan Note issue will be used to provide asset backed finance (the "Asset Finance Loans") to an asset finance provider.

The Asset Finance Loans will be secured by way of charges against a variety of small scale projects, all of which constitute physical assets and / or contracted cashflows, and all of which have been or will be approved on an individual basis by the Investment Manager on behalf of the Company.

All payments of both principal and interest in relation to the Loan Note are expected to be serviced from income arising from the Asset Finance Loans.

The acquisition of the Loan Note has been financed fully from the proceeds of the Company's recent IPO.

Contact details:
Gravis Capital Partners LLP
David Conlon	[phone]
Stephen Ellis	[phone]
Cenkos Securities plc
Dion Di Miceli	[phone]
Tom Scrivens	[phone]

Notes to Editors

The Company

The Company is a closed ended investment company traded on the Main Market of the London Stock Exchange. Its investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

The Company seeks to meet its investment objective by making investments in a diversified portfolio of project finance investments which have contracted, predictable medium to long term cash flows and/or physical assets and which are predominantly UK based.

 

END

 

 

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