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2 Apr 2014 07:00
Alternative Asset Opportunities PCC Limited
2 April 2014
Loan Refinancing
The Board of Alternative Asset Opportunities PCC Limited (the "Company") announces that the facility agreement dated 16 March 2009 between the Company acting for and on behalf of US Traded Life Interests Fund (the "Borrower") and Allied Irish Banks p.l.c. expired on 31 March 2014 and has been replaced by a facility agreement between the Borrower and AIB Group (UK) p.l.c. pursuant to which a revolving loan facility of up to US$10 million (the "Facility") has been made available for drawing by the Borrower. The Facility is intended to enable the Borrower to continue to fulfil its obligations, including the payment of premiums, until the Facility expires on 31 March 2016.
The Facility is on substantially similar terms to the maturing facility but at a reduced interest rate of 3.25 per cent. per annum above LIBOR and with a reduced commitment fee. The terms of the Facility will permit the Company to make capital distributions to shareholders, assuming (a) no default is occurring, (b) no loans are outstanding under the Facility and (c) the Company is not in breach of its asset cover requirement.
The current loan balance is nil.
Enquiries:
Peter Ingram Company Secretary | Tel: 020 7065 1467 |
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