JZ Capital Ptnrs Ltd Senior Facility Amendments
October 07 2021 - 2:00AM
UK Regulatory
TIDMJZCP TIDMJZCC TIDMJZCN
JZ CAPITAL PARTNERS LIMITED (the "Company" or "JZCP")
(a closed-end collective investment scheme incorporated with limited liability
under the laws of Guernsey with registered number 48761)
LEI: 549300TZCK08Q16HHU44
SENIOR FACILITY AMENDMENTS
7 October 2021
JZ Capital Partners Limited, the London listed fund that invests in US and
European microcap companies and US real estate, announces that it has agreed
with its existing senior lenders to borrow a further amount of US$16.0 million
under its senior secured debt facility.
The increase in loan amount will constitute 'first out loans' under the senior
facility, being senior priority loans entitled to repayment in full prior to
any principal payments being made on the 'last out loans' under the facility,
each as further described in the Company's announcement made on 17 May 2021.
The new 'first out loans' will be subject to the same terms as the previous
'first out loans' (having been earlier repaid in full in June 2021) including
with respect to interest rate (being Libor + 9.75 per cent., with a 1 per cent.
floor) and use of proceeds (with 90 per cent. of net cash proceeds derived from
realisations still required to be applied towards their repayment). The terms
of the 'last out loans' also remain unchanged and the Company's US$31.5 million
of loan notes earlier issued will remain fully subordinated to all loans
outstanding under the senior facility.
Whilst the Company's intention remains as being to realise the maximum value of
its investments and, after repaying its debt obligations, to return capital to
shareholders, the Company acknowledges that this is likely to be contingent on
its ability to implement an alternative debt restructuring plan over an
appropriate timeframe and, as a result, considers it prudent given the
potential relative illiquidity of its investments to maintain sufficient cash
liquidity to support its existing portfolio investments and obligations as they
fall due, including the senior facility which remains as maturing on 12 June
2022, the subordinated loan notes which mature on 11 September 2022 and the
redemption of its zero dividend preference shares which fall due on 1 October
2022. The Company remains committed to the delivery of its investment policy
(including to make no further investments outside of its existing obligations
or to the extent which an investment may be made to support an existing
portfolio company) and confirms that the increase in loan amount will be used
in a manner consistent with that policy.
For completeness, following the increase in loan amount, the total amount
outstanding under the senior facility will be US$51,953,440.05, of which
US$16,000,000 will be 'first out loans' and US$35,953,440.05 will be 'last out
loans'.
For further information:
Ed Berry +44 (0)7703 330 199
FTI Consulting
David Zalaznick +1 (212) 485 9410
Jordan/Zalaznick Advisers, Inc.
Sam Walden +44 (0) 1481 745385
Northern Trust International Fund
Administration Services (Guernsey)
Limited
Important Notice
This announcement also 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, JZAI 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
October 07, 2021 02:00 ET (06:00 GMT)
Jz Capital Partners (LSE:JZCP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Jz Capital Partners (LSE:JZCP)
Historical Stock Chart
From Sep 2023 to Sep 2024