Princess Private Equity (PEY) has entered into an extension of the term and increase in the size of its senior revolving credit facility with Lloyds Bank. The previous facility of EUR 50m was due to expire on 14 December 2020. The facility will be increased to EUR 80m and the term extended to 13 December 2024. The margins remain unchanged at +2.95% over LIBOR on drawn amounts of between 0%-15% loan-to-value and at +3.25% over LIBOR between 15%-25% loan-to-value based on the company’s NAV. The facility has a non-utilization fee of 0.9% p.a. on undrawn amounts and an arrangement fee of EUR 800’000 payable upon closing.
The company takes a conservative approach to balance sheet management, while aiming to maintain a high investment level. The facility supports these objectives and provides the company with the flexibility to manage short-term funding requirements.
About PEY
PEY is an investment holding company domiciled in Guernsey that invests in private market investments. Investments include primary and secondary fund investments, direct investments and listed private equity. PEY aims to provide shareholders with both long-term capital growth and an attractive dividend yield. The portfolio has traditionally encompassed a broad sectoral exposure with large geographic exposures to Europe and North America. Buyouts transactions have traditionally dominated the portfolio, with a strong emphasis on small/mid-caps, whilst smaller allocations are made to special situations, mezzanine, venture and growth financing transactions.
Back in September 2017, the company introduced a sterling line of stock, PEYS, that is indistinguishable from the Euro line of stock except in regards to the currency it trades in. NB the PEYS portfolio is not hedged back into sterling.
PEY/PEYS: Princess Private Equity extends term and size of senior revolving credit facility