Electra Private Equity has announced that its board has decided to cancel its existing £275m multi-currency revolving credit facility. The trust says that the facility is currently undrawn and therefore no repayment is required as a result of the cancellation. This follows the trust’s announcement, on 26 May 2016, that its board has served its managers, Electra Partners LLP, notice of termination of the Management & Investment Guideline Agreement and the related limited partnership agreement under which management of the Electra Private Equity’s operations and investments is wholly outsourced to Electra Partners LLP.
As at 31 March 2016, the trust says that it had gross cash balances of £321m and net cash was approximately £185m after giving effect to pending investing activities, the interim dividend, and the redemption of the Zero Dividend Preference shares that mature in August 2016. The trust’s board says that cancellation of the revolving credit facility is expected to result in annual savings of approximately £3.3m in commitment and amortised arrangement fees.
Electra Private Equity cancels its £275m revolving credit facility : ELTA