JZ Capital Ptnrs Ltd Convertible Unsecured Loan Stock Interest Payment
September 25 2020 - 2:00AM
UK Regulatory
TIDMJZCP TIDMJZCC TIDMJZCN
JZ CAPITAL PARTNERS LIMITED
(a closed-end collective investment scheme incorporated with limited liability
under the laws of Guernsey with registered number 48761)
LEI: 549300TZCK08Q16HHU44
Convertible Unsecured Loan Stock Interest Payment
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 ("MAR").
25 September 2020
Further to the announcement on 17 September 2020, JZ Capital Partners Limited
("JZCP" or the "Company"), the London listed fund that invests in US and
European micro-cap companies and US real estate, today announces that it has
received consent from Guggenheim Partners to make the upcoming interest payment
due on 30 September 2020 to the holders of its Convertible Unsecured Loan Stock
due 2021 ("CULS"). The Company had announced previously that it expected it
would breach its minimum asset coverage ratio under its senior facility with
Guggenheim Partners by the end of September 2020, which absent a waiver or
consent being obtained, would have prohibited the Company from making the
interest payment falling due on the CULS on 30 September.
The consent remains subject to a limited number of customary conditions
precedent, including no events of default occurring under the CULS or its
senior facility (save for a breach of the minimum asset coverage ratio), which
the Company expects to satisfy prior to the interest payment date on 30
September and therefore the Company expects to make the CULS interest payment
in full on 30 September 2020.
Otherwise, whilst the Company still expects to breach its minimum asset
coverage ratio under its senior facility with Guggenheim Partners at the end of
September, the Company and its lenders remain in ongoing discussions to procure
a waiver of this breach and make certain further amendments to the Company's
current lending arrangements with its lenders. The abovementioned consent in
respect of the CULS interest payment falling due on 30 September requires the
Company to have entered into an amendment to its senior facility by 7 October
2020; the failure to do so would constitute an event of default under the
facility. The Company currently expects that it will have reached agreement
with its lenders as to the amended terms of the facility within that timeframe.
For the avoidance of doubt, any event of default under the senior facility that
is continuing on any subsequent interest payment date under the CULS would
prohibit the Company from making future interest payments to the holders of the
CULS, absent a waiver, a further consent or the amended terms of the facility
being agreed by such date and thereby allowing for such payments to be made.
The Company will make further announcements as required in relation to the
status of discussions with its lenders as matters progress.
Market Abuse Regulation:
The information contained within this announcement is inside information as
stipulated under MAR. Upon the publication of this announcement, this inside
information is now considered to be in the public domain. The person
responsible for arranging for the release of this announcement on behalf of
JZCP is David Macfarlane, Chairman of JZCP.
For further information:
Ed Berry +44 (0) 20 3727
FTI Consulting 1046
David Zalaznick +1 (212) 485
Jordan/Zalaznick Advisers, Inc. 9410
Sam Walden +44 (0)1481
Northern Trust International Fund Administration Services 745385
(Guernsey) Limited
Important Notice
This announcement includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or comparable
terminology. These forward-looking statements relate to matters that are not
historical facts. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that
may or may not occur in the future. Forward-looking statements are not
guarantees of future performance. The Company's actual investment performance,
results of operations, financial condition, liquidity, policies and the
development of its strategies may differ materially from the impression created
by the forward-looking statements contained in this announcement. In addition,
even if the investment performance, result of operations, financial condition,
liquidity and policies of the Company and development of its strategies, are
consistent with the forward-looking statements contained in this announcement,
those results or developments may not be indicative of results or developments
in subsequent periods. These forward-looking statements speak only as at the
date of this announcement. Subject to their legal and regulatory obligations,
each of the Company, the Investment Adviser and their respective affiliates
expressly disclaims any obligations to update, review or revise any
forward-looking statement contained herein whether to reflect any change in
expectations with regard thereto or any change in events, conditions or
circumstances on which any statement is based or as a result of new
information, future developments or otherwise.
END
(END) Dow Jones Newswires
September 25, 2020 02:00 ET (06:00 GMT)
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