Apax Global Alpha Net Asset Value Flat; Secures New Credit Facility

LONDON (Alliance News) - Investment company Apax Global Alpha Ltd on Wednesday said it secured a new credit facility to finance short-term investments as net asset value per share remained unchanged in three months to the end of September.

NAV total return for the third quarter was 1.8%, reflecting strong performance of the Private Equity portfolio, Apax Global Alpha said.

Over the past twelve months, the company said EUR79.9 million was invested, while EUR74.2 million was realised from the Private Equity portfolio.

Meanwhile, Apax Global Alpha said it invested EUR208.3 million and realised EUR236.5 million from the Derived Investments portfolio.

During the third quarter, the company completed two new investments in debt into management services provider Alexander Mann and litigation support Veritext Corp.

It also made one new equity investment into biotechnology company Lonza Group and two add-on investments in equity into energy services provider Mitie Group PLC and retirement products and services provider Just Group PLC.

Adjusted NAV per share in sterling terms remained broadly flat since the end of June at 170 pence.

The stock was trading 5.1% higher on the day Wednesday at 133.50 pence per share.

"These are encouraging results that demonstrate the performance potential of Apax Global Alpha," said Chief Operating officer Ralf Gruss.

"The strong operational momentum of the Private Equity portfolio is translating into value accretion of the Invested Portfolio," added Gruss.

Also Wednesday, Apax Global Alpha said it has agreed a new multicurrency revolving credit facility agreement with Credit Suisse AG.

The new deal replaces the current facility held with Lloyds Bank PLC which was due to expire in February next year. The new revolving credit facility will remain at EUR140 million with an initial term of three years maturing in November 2021.

Apax Global Alpha said it will use funds to finance or refinance its general corporate purposes, including financing short-term investments such as the draw down on commitments to the Apax Funds.