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11 Nov 2008 14:54
News Release
Guernsey, 11 November 2008
Princess Credit Facility
Princess currently has net cash and liquid assets of 5% of NAV and remains fully undrawn in its USD 50m credit facility which is committed until the end of 2009. Princess' Investment Advisor Partners Group is continuously adapting its cashflow modelling and commitment planning based on various market scenarios. In this context, the Investment Advisor significantly reduced its commitment program at the end of 2007, and did not make significant commitments after April 2008 in order to position Princess for a softening market environment.
With respect to its current cashflow model, Princess would need to slightly increase its existing credit facilty to retain enough headroom for over-commitments and to resume dividend payments. This credit facility would present a very low loan to NAV ratio and would be easy to obtain under less extreme market conditions. However, since such severe dislocation in credit markets could not be foreseen, for the sake of prudence and in spite of the NAV development, the Princess Board of Directors has decided upon the precautionary suspension of dividend payments for the second half of 2008. Nevertheless, Partners Group is confident to be able to arrange an extension of Princess' existing credit line in 2009 which allows the Company to retain its long-term dividend policy, which targets an annual dividend yield of 5-8% p.a. on the NAV.
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 SWX Swiss Exchange (ticker symbol: PGHN) with over CHF 25 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:
Ken Ball
General Manager
Phone: +44 1481 730 946
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
Media enquiries:
Partners Group AG
Dr. Cyrill Wipfli
Head Communications
Tel.: +41 41 768 85 71
cyrill.wipfli@partnersgroup.net
www.partnersgroup.net
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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