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Statement re Primary Investment

8 Oct 2014 14:30

RNS Number : 7896T
Chenavari Capital Solutions Limited
08 October 2014
 



8 October 2014

 

 

Chenavari Capital Solutions Limited (the "Company")

 

Primary Investment

 

The Company announces its fifth primary transaction.

 

Primary transaction

 

The Company has today invested €21.6 million, out of a total transaction size of €79 million, in a bilateral transaction giving exposure to a concentrated portfolio of sub-performing and non-performing mortgage loans and repossessed real estate assets. The total original face value of the portfolio is ca. €400 million.

 

The rationale of the transaction for the Spanish bank seller is to facilitate its deleveraging process and assist its regulatory capital position.

 

The portfolio comprises predominantly loans backed by residential and commercial real estate assets and, to a lesser extent, repossessed real estate assets ready for sale and mortgage loans that had been granted to local developers. All assets in the portfolio are located in Spain.

 

The Investment Advisor and its chosen partner-servicer have re-underwritten each loan and priced the investment to a strong double digit return with limited downside risk. The transaction is not exposed to the seller bank's counterparty risk.

 

The transaction will be funded by way of subscription by the Company of pass-through certificates issued by the acquiring SPV which will pay the net cash flows received by the SPV. The servicer with whom the Investment Advisor partnered to manage the portfolio is co-investing €5 million to ensure a strong alignment of interests.

 

Upon acquisition, the transaction represents approximately 13% of the Company's net asset value.

Following the above transaction the Company is now approximately 87% invested (based on the Company's net asset value as at August month end 2014).

 

Yesterday was the first anniversary of the Company's admission to trading. In the first year of operation, the Company has made investments in excess of net IPO proceeds.

 

 

 

Enquiries:

Kirstie McLaren

Chenavari Investment Managers

Email: Investor-relations@chenavari.com

Telephone: +44 20 7259 3600

 

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