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CCSL : Chenavari makes fourth investment
Chenavari Capital Solutions has invested £4m in a new investment. The investment effectively takes the first loss incurred by a book of leveraged loans financed by an unnamed bank. The underlying borrowers are primarily European and UK corporates with credit ratings higher than B-. No more than 2.5% of the book is exposed to any one borrower. The tranche relates to 20% of each loan which the statement describes as “very thick” and says it is therefore less risky than a first loss position might otherwise be.
This is its fourth transaction since listing in October 2013 and means it has invested 74% of its portfolio. They say another deal worth £15m is expected to close by the end of September.