Revolving Credit Facility

RNS Number : 2464W

GCP Asset Backed Income Fund Ltd

16 April 2019

 

GCP Asset Backed Income Fund Limited

(the "Company" and/or "GCP Asset Backed")

LEI 213800FBBZCQMP73A815

Revolving Credit Facility

16 April 2019

GCP Asset Backed, which invests in asset backed loans, today announces that it has entered into an agreement with Royal Bank of Scotland International Limited in respect of an increase to the revolving credit facility entered into on 13 January 2017 and extended on 21 August 2018.  

The increased revolving credit facility is for an amount of £50 million, split as £40m maturing in August 2020 (plus a 12-month extension option, with lender approval) charged at a rate of LIBOR plus 2.10% and £10 million maturing in December 2019 charged at a reduced rate of LIBOR plus 1.70%.

As at the date of this announcement, £28 million has been drawn.

It is intended that the revolving credit facility will be used to take advantage of attractive investment opportunities identified by the Company's investment manager, Gravis Capital Management Limited.  

For further information, please contact:

Gravis Capital Management Limited David Conlon Dion Di Miceli	[phone]
Cenkos Securities plc Tom Scrivens Oliver Packard Sapna Shah	[phone]
Buchanan / Quill Helen Tarbet Nick Croysdill Henry Wilson	[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 predominantly UK based asset backed loans which have contracted, predictable medium to long term cash flows and/or physical assets.

 

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