Candover has extended the maturity on its US$ debt with an issue of new notes with a coupon of 7.02% and a maturity of 31 December 2015. The Board felt it wanted to wanted to protect the fund from any potential shortfall if the current investment disposal programme failed to free up sufficient cash to meet the previous repayment deadline. CDI’s debt is now £49.1m. There is a 40% loan-to-value covenant under the terms of the new notes. CDI’s LTV, using portfolio values as at 30 June 2013, is 21.5%. The attraction of using US$ funding is that it matches the currency exposure of CDI’s largest asset, Expro International.
Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.
Due to data protection policies, USA residents can not access our data.
Your content has been curated