Last checked at 
25 Jul 2011 16:53
News Release
Guernsey, 25 July 2011
Princess refinances credit facility
The Board of Directors of Princess Private Equity Holding Limited (Princess) has agreed a new EUR 80 million multi-currency credit facility, arranged by Lloyds Bank Corporate Markets.
This replaces Princess' existing facility which was due to expire in September 2012. It is structured as a senior revolving facility with a three year term. Interest on drawn amounts of the new credit facility will be charged at a rate of EURIBOR + 3.25% per annum.
Princess had net cash of EUR 37.4 million on 30 June 2011, up from EUR 20.1 million at the end of December 2010. The portfolio has witnessed significant positive cash flow over recent quarters, driven by strong exit activity. On the back of this healthy liquidity, Princess expects to progress the gradual repositioning of the portfolio towards direct investments and to provide return of capital to shareholders by way of dividend payments and share buybacks over the coming quarters.
Brian Human, Chairman of Princess' Board of Directors, comments: "In September 2009, Princess entered into a three year pooled credit facility, giving access to up to EUR 90 million. While the terms of that arrangement were competitive at the time, we want to take early advantage of the improved borrowing environment to reduce rates and increase certainty for our shareholders. The new credit facility extends the maturity horizon until July 2014 and it is expected to lead to a meaningful reduction in Princess' debt servicing costs. Together with the resumption of the dividend program and channelling of the investment focus towards direct investments, we believe the early replacement of the credit facility will create further value for Princess' shareholders."
Princess will hold the quarterly investor conference call tomorrow on 26 July 2011 to update interested parties on the recent developments of the Princess portfolio.
Ends.
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. Princess is advised in its investment activities by Partners Group AG, a global private markets investment management firm with over EUR 20 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. 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
Dr. Anna Hollmann
Communications
Tel.: +41 41 768 83 72
anna.hollmann@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 Princess 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. Neither the contents of Princess' website nor the contents of any website accessible from hyperlinks on Princess' website (or any other website) is incorporated into, or forms part of, this announcement.