QuotedData’s morning briefing 1 July 2024 – HGT, CORD, BPCR, PINT, APAX, MHN

In QuotedData’s morning briefing 1 July 2024:

• HG Capital Trust (HGT) has agreed to the sale of F24, a leading European software-as-a-service provider for Business Resilience solutions. The terms of the transaction have not been disclosed and completion is subject to closing conditions. However the transaction will value HGT’s investment in F24 at c.£18.4m. This would represent an uplift of £0.8m (4% or 0.2 pence per share) over the carrying value of £17.6m based on HGT’s 31 March 2024 NAV.
• Cordiant Digital Infrastructure (CORD) announced that is has refinanced its €200m Eurobond facility, replacing it was another €200m Eurobond that has a longer repayment schedule (July 2029 versus September 2026) and a bullet repayment structure. The new facility has a payment range of 3.75% to 4.75% over EURIBOR or the 5-year EURIBOR swap rate, depending on net leverage. CORD has also repaid a €30m vendor loan note agreed in connection with the purchase of Speed Fibre.
• BioPharma Credit (BPCR) has provided an update for its investment in LumiraDx. in respect to its sale and purchase agreement with Roche for the acquisition of certain LumiraDx group companies. LumiraDx has informed BPCR that the timetable to complete the transaction has been extended to 31 August 2024. In connection with the extension, the senior secured lenders have agreed to provide up to an additional US$20m in funding, comprised of up to US$10m as needed for each of July and August 2024, for the LumiraDx group until the completion of the transaction to support the ongoing operations of LumiraDx’s Point of Care Diagnostics Companies. Under the terms of the amendments, Roche has further agreed to reimburse the senior secured lenders for up to 70% of the additional funding, with a cap of US$7m for each of July and August 2024. BPCR has committed up to US$10m in connection with the additional funding.
• Pantheon Infrastructure (PINT) has published its second sustainability report, for 2023 which can be read here.
• Apax Global Alpha (APAX) has announced that the Apax X Fund, which AGA is a limited partner of, will sell its minority stake in idealista, a leading online real estate classifieds platform in Southern Europe, to Cinven. Including prior distributions, this transaction will deliver a total gross multiple on invested capital of 2.1x and a gross IRR of 24% for APAX. The transaction values APAX’s look-through investment in idealista at approximately €14.8m, equal to an uplift of c.€1.3m versus APAX’s 31 March 2024 NAV. The transaction is expected to close in Q4 2024, subject to regulatory approval.
• The board of Menhaden Resource Efficiency (MHN) has announced a recommencement of its share buyback programme in light of MHN’s wide discount.