GLI Finance has announced that, following a successful placing and offer for subscription by Fair Oaks Income Fund, GLI has exchanged its holdings in its two remaining CLO investments for $20.4m in cash and 34,298,425 shares in Fair Oaks Income Fund (issued at $1). The total value of the CLO investments at 3 June (the date used to value them for the purposes of this transaction, was $54,723,772.
The shares in Fair Oaks Income Fund are subject to a two year lock-in arrangement.
The cash proceeds will be applied to GLI Finance’s other lending businesses.
James Carthew, who wrote this post, is a director of GLI Finance Limited