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PSource Struct Debt (PSD)

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Wednesday 31 August, 2011

PSource Struct Debt

Facility Renewal

RNS Number : 3844N
PSource Structured Debt Limited
31 August 2011


31 August 2011

PSource Structured Debt Limited ("the Company")

Amended Banking Facilities with Lloyds/Bank of Scotland


PSource Structured Debt Limited (LSE: PSD), the London listed fund investing in senior secured debt and equity warrants predominantly issued by US-based small-cap companies, announces that it has signed amended US dollar bank facilities with Bank of Scotland (a part of the Lloyds Banking Group).


The facilities comprise a $3.7m term note and a $1.5m committed overdraft. Current drawings on the overdraft are approximately $1.0m. The key terms of these facilities are as follows:


·      Facilities available for 6 months from 1 September 2011.

·      Interest margin of 6.5%, increasing to 7.0% with effect from 1 January 2012 if the facility has not been reduced to zero.  The margin is over 1 month US LIBOR (currently 0.22%).

·      Arrangement fee of $25,000.

·      Redemption fee of $25,000 if facility is repaid in full on or before 31 December 2011; $75,000 if facility is repaid in full after 31 December 2011.  Redemption fee is payable upon final repayment or expiration date of the facility.

·      No fixed amortisation.  The term note is amortised using a cash sweep equal to 80% of monthly free cashflow.

·      No net debt/gross asset covenants.

·      Dividend payments subject to approval by Bank of Scotland.


For further information, please contact:

PSource Capital Limited

+44 20 7925 3156

Soondra Appavoo



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