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16 Nov 2017 07:00
November 16, 2017
VPC Specialty Lending Investments PLC
(the "Company")
PORTFOLIO UPDATE
VPC Specialty Lending Investments PLC expands existing investment in Borro
The Company is pleased to announce that it has expanded its investment in Borro Ltd in connection with the decision of Victory Park Capital ('VPC'), the investment manager of the Company, to take a majority equity stake in Borro - http://victoryparkcapital.com/2017/nov-16.html.
Through this transaction, the Company will own approximately 49% of Borro. The remaining 51% of the equity will be held by other vehicles managed by VPC, along with Borro's senior management team. The Company will retain its outstanding senior secured debt position of approximately £32 million, which is secured by Borro's outstanding loan portfolio. To fund the near term working capital needs of Borro, the Company, alongside VPC's other vehicles, will provide a senior secured credit facility of up to $10 million.
Borro Ltd is a leading consumer lender in the UK and US that offers asset-backed lending secured against luxury assets.
Andrew Adcock, Chairman of VPC Specialty Lending Investments PLC commented:
"We are supporters of Borro's restructured business, and its new management team, and therefore we have agreed to expand our investment in Borro, alongside VPC's other vehicles. We see the opportunity for our shareholders to benefit from a potential increase in the value of the equity over the long term, whilst continuing to make positive returns on our lending to Borro."
The information contained in this announcement is inside information.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Victory Park Capital Brendan Carroll (Senior Partner and Co-Founder) Gordon Watson (Partner, Investment Manager)
|
via MHP Communications (below) |
Jefferies International Limited | Tel: +44 20 7029 8000 |
Gary Gould | |
Andrew MorrisAndrew Davison | |
MHP Communications | Tel: +44 20 3128 8100 |
Mark Lunn Kelsey Traynor | Email: vpc@mhpc.com |
About VPC Specialty Lending Investments PLC:
VPC Specialty Lending Investments PLC invests in opportunities within the specialty lending market primarily through online lending platforms. The Company intends to generate an attractive total return for shareholders consisting of distributable income and capital growth via investments in a diverse portfolio of various platforms, asset classes, geographies (primarily U.S., U.K., Australia and Europe) and credit bands.
Since 2010, the Company's investment manager, VPC, has been actively involved in the specialty lending marketplace and has made more than $5.2 billion of investments and commitments across a number of financial technology platforms, multiple geographies (U.S., U.K., Australia and Europe), products (consumer and business) and structures (whole loans and senior credit facilities).
Further information on VPC Specialty Lending Investments PLC is available at: http://vpcspecialtylending.com.
About Borro
Borro launched in 2008 in the UK, and has offices in London, New York and Los Angeles. It is the leading international online platform for luxury asset-backed lending and has defined a new lending category in a market where loans of this type were underserved. Borro offers loans from $5,000 - $10,000,000 secured against luxury assets including fine art, antiques, jewelry, luxury watches, fine wine, prestige and classic cars and other high value assets.
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