Eurocastle Investment Limited: Eurocastle Announces Follow on Investment in FINO NPL Portfolio and Investment Grade Ratings A...
November 24 2017 - 3:18AM
Guernsey, 24 November 2017 -
Eurocastle Investment Limited (Euronext Amsterdam: ECT) ("Eurocastle" or the "Company")
today announces that the Company, together with other affiliates of
Fortress Investment Group LLC, has agreed to acquire additional
interests in the junior notes of both securitisations that
collectively own the FINO non-performing loan portfolio from
UniCredit S.p.A.. The transaction entails an anticipated investment
for Eurocastle of approximately €8 million and is expected to close
by the end of January 2018.
This follows the announcements
from the rating agencies Moody's & DBRS that they have both
assigned ratings to certain notes in FINO 1 Securitisation S.r.l.,
one of the two securitisations in which Eurocastle holds its
interest in the FINO non-performing loan portfolio. This includes
the assignment of an investment grade rating by both agencies to
the senior notes which comprise 84% of the total notes of the FINO
1 securisation and is therefore an important step towards
implementing the Italian state guarantee commonly known as "GACS".
Eurocastle believes that the implementation of this structure will
provide an opportunity for the Company to raise attractive
financing, enhancing the expected returns on its overall investment
in the portfolio. Further details of the ratings can be found on
DBRS and Moody's websites.
ABOUT EUROCASTLE
Eurocastle Investment Limited is a
publicly traded closed-ended investment company that focuses on
investing in performing and non-performing loans and other real
estate related assets primarily in Italy. The Company is Euro
denominated and is listed on Euronext Amsterdam under the symbol
"ECT". Eurocastle is managed by an affiliate of Fortress Investment
Group LLC, a leading global investment manager. For more
information regarding Eurocastle Investment Limited and to be added
to our email distribution list, please visit
www.eurocastleinv.com.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Eurocastle Investment Limited via
Globenewswire
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