EPE Special Opportunities has paid £8.6m to buy the Limited Partnership interest held by DES Holdings IV(A) LLC in ESO Investments 1 LP (the Limited Partnership through which it holds most of its existing portfolio). After the deal EPE Special Opportunities is the only investor in ESO 1.
The £8.6m is being paid as £5.7m now and £2.9m before 30 September 2015. The price is equivalent to asset value.
To help fund the deal they are issuing loan notes with a principal amount of £4.5m and issuing about £250,000 worth of shares at 142.13p (the asset value at end January 2015). Following the Acquisition, the Loan Notes Issue and the Equity Subscription, the revised NAV as at 30 June 2015 is 141.87p per share.
The loan notes have a final repayment date of 23 July 2022 and pay interest at 7.5% semi-annually in January and July. They can extend the repayment date by a year and redeem up to 50% of the loan notes at par on or after 31 July 2018 and up to 75% at par on or after 31 July 2020. There is a restriction on the Company raising further debt over pre-agreed levels.
ESO : EPE Special Opps buys out partner