GLIF.L Regulatory News (GLIF)

29 May 2007 18:19

T2 Income Fund Limited29 May 2007 T2 Income Fund Limited Company Trading Update Report As of May 15, 2007 T2 Income Fund Limited ("the Company") was launched in August 2005 when itraised net proceeds of £36.7 million of equity. As of 31 December 2007, theCompany had invested assets of approximately £54 million. We are pleased toreport that as of 15 May 2007, the Company has invested assets of approximately£95 million. This means that the Company is fully invested and has continued toleverage its assets to make new investments. As of 15 May 2007, the investments in the portfolio, on a weighted averagebasis, bore an interest rate of approximately 430 basis points over LIBOR. Thetotal number of investments as of 15 May 2007 is 28, with an average investmentsize of £3.4 million. The portfolio distribution as of 15 May 2007 consists ofapproximately 84% 1st Lien and 16% 2nd Lien loans with a weighted averagematurity of approximately 6 years. On 25 October 2006 the Company established a credit facility of up toapproximately £101 million with Merrill Lynch Capital Corporation. Through anewly formed special purpose entity, Merrill Lynch has made this credit facilityavailable for the purpose of making new investments. The credit facility bearsinterest at LIBOR plus 50 basis points. As of 31 March 2007, the Company haddrawn £56.3 million under the facility and as of 15 May 2007, the Company haddrawn £68 million under the facility. Since the establishment of the Merrill Lynch credit facility, the Company hasbeen able to accelerate its rate of deploying capital. During the first quarterof 2007, the Company made approximately £36.9 million of new investments. Sofar for the second quarter of 2007 the Company has funded and allocatedapproximately £23.8 million of additional capital for new investments. T2 Advisors, the Company's Investment Manager, believes that the currentenvironment for providing investment capital affords it a positive outlook goingforward. Key statistics Assets Under Management £95 million Number of Investments 28 Average Investment Size £3.4 million Weighted Average Spread Libor + 430 Weighted Average Maturity 6 years % 1st Lien 84% % 2nd Lien 16% T2 Income Fund Diversity Overview % T2 Income Fund Diversity Overview %(Moody's) (Moody's)Automobile 4.8% Automotive 4.8%Buildings & Real Estate 1.1% Brokers 4.8%Containers, Packaging & Glass 1.6% Building & Development 1.1%Ecological 2.8% Business Services 9.0%Electronics 23.9% Containers and Glass Products 1.6%Finance 9.0% Ecological services & equipment 2.8%Farming & Agriculture 2.7% Electronics 23.9%Healthcare, Education & Childcare 5.9% Financial Intermediaries 4.2%Hotels, Motels, Inns & Gaming 5.9% Farming & Agriculture 2.7%Insurance 2.3% Healthcare 4.3%Manufacturing 3.2% Insurance 2.3%Oil & Gas 4.8% Lodging & Casinos 5.9%Printing & Publishing 6.9% Oil & Gas 4.8%Telecommunications 20.9% Publishing 6.9% 100.0% Telecommunications 20.9% 100.0% T2 Income Fund Limited Company Amount Headquarters/Areas of Operations S&P IndustryAttachmate £4.6 million Seattle, Washington. Electronics Europe, Middle East and Africa.Audatex £2.2 million Zurich, Switzerland. Insurance Zeist, The Netherlands.Cavalier Telephone £6.1 million Richmond, Virginia. TelecommunicationsCBA Group £3.5 million Conklin, New York. Electronics The Netherlands.Corel Corporation £6.0 million Ottawa, Canada. Electronics Europe, Middle East and Africa.Data Transmission Network £2.5 million Omaha, Nebraska. Farming & AgricultureExpress Energy £4.6 million Houston, Texas Oil & GasFord £4.6 million Dearborn, Michigan. Automotive Global.InfoNXX £2.5 million New York, New York. Telecommunications France, Italy, Ireland and Switzerland.Infor Global New £3.0 million Berlin, Germany. Electronics Switzerland and Luxembourg.Investools £4.6 million Draper, Utah. BrokersMerrill Corporation £4.6 million St. Paul, Minnesota. PublishingMetrologic Instruments £3.0 million Blackwood, New Jersey. Business Services Europe, Middle East and Africa.MR Default £1.0 million Roswell, Georgia. Building & DevelopmentNational Processing £4.0 million Louisville, Kentucky. Financial IntermediariesCompanyNova Analytics £2.7 million Weilheim, Germany. Ecological services and equipmentNuvox £3.0 million Greenville, South Carolina. TelecommunicationsOne Communications £2.5 million Rochester, New York. TelecommunicationsPaetec £2.5 million Fairport, New York. TelecommunicationsPeacock Engineering £1.5 million Geneva, Illinois Containers and Glass ProductsPeer 1 Networks £3.2 million Vancouver, Canada. TelecommunicationsPegasus £5.6 million Dallas, Texas. Lodging & Casinos London and Singapore.Prodigy Health £4.0 million Amherst, New York. HealthcareProQuest £4.6 million Bethesda, Maryland. Business Services Global.Sirsi £0.9 million Huntsville, Alabama. Business Services United Kingdom, Germany, Spain, France and Denmark.Stratus Technologies £3.5 million Maynard, Massachusetts. Electronics Europe, Middle East and Africa.Workflow Management £2.0 million Greenwich, Connecticut. PublishingX-rite Incorporated £2.0 million Grandville, Michigan. Electronics Regensdorf, Switzerland.Total £95.1 million This information is provided by RNS The company news service from the London Stock Exchange