QuotedData’s morning briefing 1 June 2023

a paper, a criossant and a mug of something 230601 morning 3

In QuotedData’s morning briefing 1 June 2023:

  • ICG Enterprise (ICGT) has agreed a new €240m multicurrency revolving credit facility with SMC International and Lloyds Bank that matures on 30 May 2027 and costs 120 basis points (bps, equal to 1.2%) upfront, 115bps on undrawn amounts and 300bps over euro or sterling interest rate benchmarks (EURIBOR and SONIA, respectively), or 320bps over the US dollar one (SOFR).
  • JPMorgan Global Emerging Markets Income (JEMI) says that Jeffrey Roskell (manager since 1st August 2016), will retire in the first quarter of 2024. Co-managers Omar Negyal and Isaac Thong will continue to manage the fund.
  • Castlenau (CGL) has agreed to convert its £1.5m convertible loan to Silverwood Brands into equity at a conversion price of 70p per Silverwood share. Following conversion, Castelnau will own approximately 1.8% of the equity in Silverwood, and Silverwood equity will account for about 1.5% of Castlenau’s NAV. Silverwood is an investment vehicle focused on premium consumer brands which have an existing presence in the beauty sector. The purpose of the loan, which was issued in December 2022, was to provide additional working capital funding to Silverwood as it completed two acquisitions.
  • Industrials REIT’s (MLI) takeover is proceeding according to timetable and the last day of trading in its shares is expected to be 20 June.
  • Lecram Holdings has pulled out of its offer to acquire Purplebricks (PURP), saying “the financial condition of Purplebricks was found to be significantly worse than expected“.
  • Third Point Investors (TPIL) intends to scrap its gearing facility, effective 2 June 2023. It was able to borrow up to $150m at a rate of LIBOR plus 2.4%, for a period of two years starting on 1 September 2021. In consultation with the manager, the board made the decision to: 1) submit a redemption from the Master Fund in the amount of $151.7m, which covers principal plus accrued interest, and 2) use these proceeds to repay the loan on 2 June 2023.

We also have results from CT UK High Income and AVI Global, plus portfolio updates from JLEN Environmental,  Harmony Energy Income, and Cordiant Digital Infrastructure.

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