Capital Distribution

RNS Number : 0855T

NB Distressed Debt Invest. Fd. Ltd

18 March 2019

 

18 March 2019

NB Distressed Debt Investment Fund Limited

Capital Distributions of $8 million for NBDD, $20 million for NBDX

and £6.5 million for NBDG Shares

The Board of NB Distressed Debt Investment Fund Limited (the "Company") is pleased to announce a total of $36.5 million in further capital distributions for the Ordinary ("NBDD"), New Global ("NBDG") and Extended Life ("NBDX") Share Classes. These funds include the majority of the $34 million received from the Company's lodging and casino investment, as announced on 18 February 2019.

Over the course of the last three months, the Company's investments have generated cash in various ways: distributions from private equity positions, repayment of principal on private debt, dividends from equity positions, interest income from credit investments, and exits. The cash from this portfolio activity continues to fund distributions to shareholders.

NBDD

The Company has further resolved to return a total (before expenses) of $8.0 million to NBDD shareholders (equivalent to approximately $0.3419 per NBDD share) by way of a compulsory partial redemption of NBDD shares at a price equal to $0.9974 per NBDD share (being the last published NAV per NBDD share prior to this announcement). The amount applied to the partial redemption of NBDD shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately $8,000.

NBDX

The Company has further resolved to return a total (before expenses) of $20.0 million to NBDX shareholders (equivalent to approximately $0.1305 per NBDX share) by way of a compulsory partial redemption of NBDX shares at a price equal to $0.9682 per NBDX share (being the last published NAV per NBDX share prior to this announcement). The amount applied to the partial redemption of NBDX shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately $8,000.

NBDG

The Company has resolved to return a total (before expenses) of £6.5 million to NBDG shareholders (equivalent to approximately £0.0787 per NBDG share) by way of a compulsory partial redemption of NBDG shares at a price equal to £0.9020 per NBDG share (being the last published NAV per NBDG share prior to this announcement). The amount applied to the partial redemption of NBDG shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately £6,500.

Shareholder information

The redemption of both the NBDD, NBDX and NBDG shares (the "Redemptions") will be effected pro rata to holdings of NBDD, NBDX and NBDG shares on the NBDD, NBDX and NBDG registers at the close of business on 1 April 2019 (the "Redemption Date"), being the record date for the Redemptions. Approximately 34.25 per cent. of the NBDD issued share capital, approximately 13.48 per cent. of the NBDX issued share capital and approximately 8.72 per cent. of the NBDG issued share capital will be redeemed on the Redemption Date. Fractions of shares produced by the NBDD Redemption ration, the NBDX Redemption ratio or the NBDG Redemption ratio will not be redeemed and so the number of shares of the relevant class to be redeemed from each shareholder will be rounded down to the nearest whole number of shares.

Payments of redemption monies are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) by 15 April 2019. It is requested that certificated shareholders send all of their share certificates to the Company's Registrar. Any share certificates for the balance of the holding will be distributed to shareholders with their redemption monies.

The Company currently has 23,395,579 NBDD, 153,199,598 NBDX and 82,570,361 NBDG shares in issue. All of the NBDD, NBDX & NBDG shares redeemed on the Redemption Date will be cancelled.

The shares will be disabled in CREST on the Redemption Date and the existing ISIN number GG00BG5NC876 for the NBDG shares, GG00BG0QZP96 for the NBDX shares and GG00BG0QZ04 for the NBDG shares (the "Old ISINs") will expire. The new ISIN number GG00BDFZ6F78 for the NBDD shares, GG00BDFZ6C48 for the NBDX shares and GG00BDFZ6D54 for the NBDG shares (the "New ISINs") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions after 1 April 2019. For the period up to and including the Redemption Date, shares will be traded under the Old ISINs and as such, a purchaser of such shares may have a market claim for a proportion of the redemption proceeds following the activation of the New ISINs. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISINs.

LEI: YRFO7WKOU3V511VFX790

For further information, please contact:

KL Communications Charles Gorman	[phone] [e-mail]
Stifel Nicolaus Europe Limited Neil Winward Mark Bloomfield Gaudi Le Roux	[phone]

 

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