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PSource Struct Debt (PSD)

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Friday 03 December, 2010

PSource Struct Debt

Replacement Announcement - Ne

RNS Number : 3634X
PSource Structured Debt Limited
03 December 2010
 



 

 

 

The following amendment has been made to the New Banking Facilities announcement released on 3 December 2010 at 10.33 under RNS No 3331X.

 

A typographical amendment was made to the percent in bullet point 2 below, the change being from 5.5% to 5.0%.

 

All other details remain unchanged.

 

The full amended text is shown below.

 

 

 

 

03 December 2010

PSource Structured Debt Limited ("the Company")

New 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 new US dollar bank facilities with Bank of Scotland (a part of the Lloyds Banking Group).

 

The facilities comprise a $6.5m term note and a $1.5m committed overdraft. Current drawings are approximately $7.5m and therefore expected headroom is approximately $0.5m. The key terms of these facilities are as follows:

 

·      Facilities available for 6 months from 1 December 2010.

·      Interest margin of 5.0% over US 3 month LIBOR (currently 0.30%).

·      Arrangement fee of $75,000.

·      No fixed amortisation.

·      Cash sweep equal to 80% of monthly free cashflow.

·      No net debt/gross asset covenants.

·      Margin ratchet applicable based on repayment schedule set out in agreement.

·      Dividend payments subject to approval by Bank of Scotland.

 

For further information, please contact:




PSource Capital Limited

+44 20 7925 3156

Soondra Appavoo




 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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