20 Feb 2012 07:00
20 February 2012
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 6 December 2011 (the "Prospectus"), the Investment Manager has notified the Board of Directors that as at 17 February 2012 88 per cent. of the assets attributable to the U.S. Dollar 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 29 February 2012.
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. U.S. Dollar C Shares (on the basis that they are converted into U.S. Dollar Shares at the ratio determined at the Class C Calculation Time) will rank equally for dividends with U.S. Dollar Shares immediately following the Class C Calculation Time. The dividends for the period to 31 March 2012 will be distributed at a date and amount to be notified by an RIS announcement, expected to be late March 2012.
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 is expected to be made in late March 2012.
The pro-forma total investment portfolio, including cash, invested or committed to be invested, immediately following conversion, is(1):
Income | 62.6% |
Mezzanine Notes | 32.5% |
Senior Notes Cash | 0.5% 4.4%
|
(1) Note: Main portfolio as at 31 December 2011, new investments valued using purchase price
The pro-forma portfolio by position, excluding cash, invested or committed to be invested, is set out in the table below(2):
Transaction | Seniority | Currency | % Portfolio (excluding cash) |
ACA CLO 2006-2 PREF | Income Note | USD | 0.5% |
Apidos 2006-4 E | Mezzanine | USD | 0.8% |
Apidos 2011-8A D | Mezzanine | USD | 1.4% |
Ares 2007-11A E | Mezzanine | USD | 1.1% |
Ares 2007-12X E | Mezzanine | USD | 4.1% |
Ares 2007-3 RA E | Mezzanine | USD | 0.6% |
Babson 2005-2A D1 | Mezzanine | USD | 0.3% |
Babson 2005-2A SUB | Income Note | USD | 2.9% |
BASE 2008-1X E | Mezzanine | EUR | 0.8% |
Blue Mountain 2007-3A E | Mezzanine | USD | 0.6% |
BSIS 2004-1A D1 | Mezzanine | USD | 0.3% |
Callidus IV-A INC | Income Note | USD | 1.1% |
Callidus VI INC | Income Note | USD | 4.4% |
Callidus VII-A INC | Income Note | USD | 3.0% |
Callidus VI-X D | Mezzanine | USD | 1.8% |
Callidus V-X D | Mezzanine | USD | 0.4% |
Callidus V-X INC | Income Note | USD | 3.2% |
Carlyle Azure CLO INCOME | Income Note | USD | 1.4% |
Carlyle Daytona CLO B2L | Mezzanine | USD | 0.9% |
Carlyle Daytona CLO INCOME | Income Note | USD | 2.0% |
Carlyle McLaren 2007-1 B2L | Mezzanine | USD | 0.4% |
Celerity 2004-1A E | Mezzanine | USD | 0.5% |
Cornr 2007-1A | Income Note | USD | 2.8% |
CSAM I D1 | Mezzanine | USD | 0.9% |
CTRPK 2011-1A SUB | Income Note | USD | 0.8% |
Denali Capital CLO VI PREF | Income Note | USD | 0.3% |
Dryden 2006-14EX E | Mezzanine | EUR | 0.9% |
Eaton Vance CDO VIII SUBORD | Income Note | USD | 1.1% |
Franklin CLO VI E | Mezzanine | USD | 1.1% |
FTHIL 2007-1A SUB | Income Note | USD | 3.0% |
Galaxy 2006-7 SUB | Income Note | USD | 0.5% |
Gale Force 2 CLO E | Mezzanine | USD | 0.4% |
Gale Force 2 CLO EQUITY | Income Note | USD | 3.5% |
Gale Force 2005-1 E | Mezzanine | USD | 1.4% |
Gale Force 3 CLO D | Mezzanine | USD | 0.8% |
Gale Force 3 CLO E | Mezzanine | USD | 0.8% |
Gale Force 3 CLO PREF | Income Note | USD | 2.7% |
Gale Force 4 CLO E | Mezzanine | USD | 2.8% |
Gale Force 4 CLO INCOME | Income Note | USD | 4.3% |
Green Park CDO E | Mezzanine | EUR | 0.3% |
Hyde Park CDO B.V. E | Mezzanine | EUR | 0.6% |
ING Investment Management II Pref | Income Note | USD | 3.0% |
ING Investment Management V SUBORD | Income Note | USD | 2.7% |
INGIM 2007-4A D | Mezzanine | USD | 0.4% |
INGIM 2011-1A D | Mezzanine | USD | 0.8% |
Inwood Park CDO 2006-1 A E | Mezzanine | USD | 0.6% |
Inwood Park CDO SUBORD | Income Note | USD | 6.1% |
Kingsland 2006-3X D2 | Mezzanine | USD | 0.5% |
LCM 2A E1 | Mezzanine | USD | 0.6% |
Morningside 2010-1X E | Mezzanine | USD | 0.5% |
Mountain View CLO II E | Mezzanine | USD | 0.9% |
Mountain View CLO II PREF | Income Note | USD | 0.2% |
NYLIM Flatiron CDO 2006-1 SUBORD | Income Note | USD | 0.5% |
OCT7 2004-7A B2L | Mezzanine | USD | 0.9% |
Octagon Investment Partners XI Pref | Income Note | USD | 3.8% |
Prospect Park CDO SUBORD | Income Note | USD | 1.9% |
Rampart CLO 2007-1A SUBORD | Income Note | USD | 1.3% |
RSIDE 2011-3X SNR | Mezzanine | USD | 2.1% |
Sargas CLO I (Prev CS Advisors CLO I) SUBORD | Income Note | USD | 0.3% |
Saturn 2007-1 D | Mezzanine | USD | 0.8% |
Silverado CLO 2006-I SUBORD | Income Note | USD | 1.4% |
Stone Tower CLO 2006-5X SUBORD | Income Note | USD | 0.5% |
Stone Tower CLO 2007-6A SUBORD | Income Note | USD | 2.3% |
Stone Tower CLO 2007-7X SUBORD | Income Note | USD | 1.9% |
Symphony CLO IV E | Mezzanine | USD | 0.3% |
Trimaran IV Pfd | Income Note | USD | 1.4% |
Venture VII CDO INCOME | Income Note | USD | 0.6% |
VITES 2006-1A BIL | Mezzanine | USD | 1.3% |
Westbrook CLO B | Senior | USD | 0.5% |
Westbrook CLO E | Mezzanine | USD | 0.6% |
Total | 100.0% |
(2) Note: Main portfolio as at 31 December 2011, new investments currently in C share pool as at 17 February 2012 valued using purchase price
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 |
James Maxwell | |
Dexion Capital plc | |
Ravi Anand | +44 (0)20 7832 0981 |