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14 Aug 2009 07:00
News Release
Guernsey, 14 August 2009
Princess' Board of Directors approves credit facility proposal
In a meeting held yesterday, the Board of Directors of Princess Private Equity Holding Limited approved a credit facility with a 3 year term, the signing of which is expected in the coming weeks. The implementation of this credit facility is intended to secure the financing of the Company's commitment strategy beyond 31 December 2009 when the current facility expires. The credit facility of initially EUR 40 million, with an option to increase to EUR 90 million, is being arranged by a large international bank and is expected to be fully underwritten by a lenders syndicate.
Brian Human, Chairman of Princess' Board of Directors, comments: "In view of the fact that Princess' currently cash flow neutral portfolio is likely to experience a widening funding gap once investment activity picks up again in the coming quarters, we are very pleased about the progress in extending the Company's credit financing. With up to EUR 90 million at our disposal we would regard Princess to be in a comfortable liquidity situation with sufficient headroom for future funding obligations. This, in combination with the recent reduction of unfunded commitments, adds further stability to the portfolio and underpins our confidence in the Company's long-term development."
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey that invests in private equity and private debt investments. The Company is advised in its investment activities by Partners Group AG, a global alternative asset management firm listed on the SIX Swiss Exchange (ticker symbol: PGHN) with over CHF 24 billion assets under management in private equity, private debt, private real estate, private infrastructure, absolute return strategies and listed alternatives. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the Frankfurt Stock Exchange (ticker symbol: PEY1) and on the London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net
Contacts
Princess Private Equity Holding Limited:
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
Media enquiries:
Partners Group AG
Tamara Krebs
Communications
Tel.: +41 41 768 85 26
tamara.krebs@partnersgroup.com
www.partnersgroup.com
This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Princess Private Equity Holding Limited. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.
This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document.
Approved by Partners Group (UK) Ltd., authorised and regulated by the Financial Services Authority in the United Kingdom.
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