12 Oct 2011 07:00
Carador Income Fund PLC
Conversion of C Shares - Class C Calculation Time
Carador Income Fund PLC ("Carador" or the "Company") announces that, in accordance with the terms described in its prospectus dated 9 August 2011 (the "Prospectus"), the Investment Manager has notified the Board of Directors that as at 30 September 2011 91.5 per cent. of the assets attributable to the C Shares had been invested or committed to be invested in a portfolio consistent with the Company's investment policy. As a result, the Board has determined that the Class C Calculation Time (for the purposes of calculating the basis upon which the Company's U.S. Dollar C Shares will convert into U.S. Dollar Shares) will be the close of business on 30 September 2011.
The dividends for the period up to the Class C Calculation Time attributable to existing U.S. Dollar Shareholders and U.S. Dollar C Shareholders will be excluded from the calculation of Net Asset Value for the purpose of determining the conversion ratio and will be distributed at a date and amount to be notified to Shareholders.
A further announcement regarding the conversion ratio, Class C Conversion Time and the number of new U.S. Dollar Shares to be issued on Conversion will be made in due course.
The C Share investment portfolio invested or committed to be invested, as at 30 September 2011, is set out in the table below:
Mezzanine Debt Investments:
Tranche | Coupon* (%) | Notional | Amount Invested |
RSIDE 2011-3X SNR | 3.27 | 10,000,000 | 7,300,000 |
Apidos 2011-8A D | 4.86 | 6,200,000 | 4,278,000 |
Callidus III-A E | 6.48 | 4,500,000 | 3,996,709 |
Callidus VI-X D | 6.25 | 4,000,000 | 2,860,024 |
OCT7 2004-7A B2L | 6.23 | 2,750,000 | 2,165,177 |
LCM 2A E1 | 5.75 | 4,800,000 | 1,884,230 |
Saturn 2007-1 D | 4.29 | 2,030,000 | 1,193,109 |
BSIS 2004-1A D1 | 5.70 | 2,500,000 | 1,021,739 |
Babson 2005-2A D1 | 4.75 | 1,500,000 | 929,291 |
* Current coupon (over par) |
Equity Investments:
Tranche | Latest Distribution* (%) | Notional | Amount Invested |
Babson 2005-2A-SUB | 54.27 | 12,050,000 | 9,218,250 |
ING Investment Management V SUBORD | 34.84 | 9,000,000 | 8,640,000 |
Stone Tower CLO 2007-7X SUBORD | 33.58 | 7,500,000 | 6,187,500 |
Silverado CLO 2006-I SUBORD | 35.44 | 6,750,000 | 4,792,500 |
Carlyle Azure CLO INCOME | 35.98 | 7,500,000 | 4,675,000 |
ING Investment Management II Pref | 54.96 | 5,000,000 | 3,800,000 |
Callidus VII-A INC | 32.22 | 4,750,000 | 3,455,625 |
Inwood Park CDO SUBORD | 47.92 | 1,000,000 | 670,000 |
* Last distribution annualised over purchase price for equity | |||
It is expected that the enlarged portfolio immediately following conversion will consist of approximately:
Equity | 51% |
Mezzanine | 48% |
Senior | 1% |
excluding cash and all expenses.
The Board will consider the use of further issues of Shares or C Shares to take advantage of opportunities to invest in the CLO market from time to time.
Capitalised terms in this announcement shall have the same meanings as in the Prospectus unless otherwise stated.
For further information please contact:
GSO Capital Partners International LLP | |
Miguel Ramos-Fuentenebro | +44 (0)20 7451 4000 |
Singer Capital Markets Limited | +44 (0)20 3205 7500 |
Jeff Keating | |
Dexion Capital plc | |
Ravi Anand | +44 (0)20 7832 0981 |