NAV Update and CLO Test Result

RNS Number : 6606C

Greenwich Loan Income Fund Ltd

18 April 2013

 



Greenwich Loan Income Fund Limited

NAV Update and CLO tests for the quarter ended 31 March 2013

Greenwich Loan Income Fund Limited ("GLIF" or "the Company") today announces its unaudited net asset value as at 31 March 2013 and the quarterly CLO test results for the first quarter.

Net Asset Value

The Company's unaudited net asset value (NAV) per share as at 31 March 2013 was 54.0p.  This compares to the unaudited NAV of 49.1p per share as at 31 December 2012.

During the first quarter of 2013 the gain in the US portfolio was the principle reason for the increase in the NAV, with the increase in sterling terms broadly evenly split between an increase in the dollar value of the assets and an appreciation of the dollar against sterling.

Quarterly CLO Test Results

The Company also announces the test results as of 3 April 2013 pursuant to the indenture of T2 Income Fund CLO I Ltd (the "CLO"), of which the Company owns all of the residual economic interest. The report summarising the results of those tests can be found at the link below:

http://www.rns-pdf.londonstockexchange.com/rns/6606C_-2013-4-18.pdf

 

With respect to the various tests required under the CLO indenture the CLO passed all of the collateral and coverage tests as of 3 April 2013, including all portfolio percentage limitation test..

The quarterly results indicate that the CLO met all of the covenant tests necessary for a full payment to be made to the Company, and approximately US$3.8 million has been received from the trustee.

As described in previous press releases, the CLO indenture contains a variety of covenants, compliance with which could be made more difficult or impossible should credit markets deteriorate or the loans held by the CLO fail to make expected payments or otherwise not perform, or for a variety of other reasons, and which if violated could result in additional principal paydowns of the CLO's notes and/or interest diversion. 

For further information, please contact:

Geoffrey Miller

Greenwich Loan Income Fund Limited

[phone]

[phone]

Investec Bank plc

Tim Mitchell

Jeremy Ellis     

[phone]

Panmure Gordon

Dominic Morley

Fred Walsh

[phone]

Jack Hickey

FTI Consulting

[phone]

 

END

 

 

MSCIPMRTMBMBMLJ