Conversion of Securities (6824X)
February 20 2012 - 2:00AM
UK Regulatory
TIDMCIF TIDMCIFU TIDMCIFC
RNS Number : 6824X
Carador Income Fund PLC
20 February 2012
20 February 2012
Carador Income Fund PLC
Conversion of C Shares - Class C Calculation Time
Carador Income Fund PLC ("Carador" or the "Company") announces
that, in accordance with the terms described in its prospectus
dated 6 December 2011 (the "Prospectus"), the Investment Manager
has notified the Board of Directors that as at 17 February 2012 88
per cent. of the assets attributable to the U.S. Dollar C Shares
had been invested or committed to be invested in a portfolio
consistent with the Company's investment policy. As a result, the
Board has determined that the Class C Calculation Time (for the
purposes of calculating the basis upon which the Company's U.S.
Dollar C Shares will convert into U.S. Dollar Shares) will be the
close of business on 29 February 2012.
The dividends for the period up to the Class C Calculation Time
attributable to existing U.S. Dollar Shareholders and U.S. Dollar C
Shareholders will be excluded from the calculation of Net Asset
Value for the purpose of determining the conversion ratio. U.S.
Dollar C Shares (on the basis that they are converted into U.S.
Dollar Shares at the ratio determined at the Class C Calculation
Time) will rank equally for dividends with U.S. Dollar Shares
immediately following the Class C Calculation Time. The dividends
for the period to 31 March 2012 will be distributed at a date and
amount to be notified by an RIS announcement, expected to be late
March 2012.
A further announcement regarding the conversion ratio, Class C
Conversion Time and the number of new U.S. Dollar Shares to be
issued on Conversion is expected to be made in late March 2012.
The pro-forma total investment portfolio, including cash,
invested or committed to be invested, immediately following
conversion, is(1) :
Income 62.6%
Mezzanine Notes 32.5%
Senior Notes 0.5%
Cash 4.4%
(1) Note: Main portfolio as at 31 December 2011, new investments
valued using purchase price
The pro-forma portfolio by position, excluding cash, invested or
committed to be invested, is set out in the table below(2) :
% Portfolio
(excluding
Transaction Seniority Currency cash)
-------------------------------- ----------- ---------- -------------
Income
ACA CLO 2006-2 PREF Note USD 0.5%
Apidos 2006-4 E Mezzanine USD 0.8%
Apidos 2011-8A D Mezzanine USD 1.4%
Ares 2007-11A E Mezzanine USD 1.1%
Ares 2007-12X E Mezzanine USD 4.1%
Ares 2007-3 RA E Mezzanine USD 0.6%
Babson 2005-2A D1 Mezzanine USD 0.3%
Income
Babson 2005-2A SUB Note USD 2.9%
BASE 2008-1X E Mezzanine EUR 0.8%
Blue Mountain 2007-3A E Mezzanine USD 0.6%
BSIS 2004-1A D1 Mezzanine USD 0.3%
Income
Callidus IV-A INC Note USD 1.1%
Income
Callidus VI INC Note USD 4.4%
Income
Callidus VII-A INC Note USD 3.0%
Callidus VI-X D Mezzanine USD 1.8%
Callidus V-X D Mezzanine USD 0.4%
Income
Callidus V-X INC Note USD 3.2%
Income
Carlyle Azure CLO INCOME Note USD 1.4%
Carlyle Daytona CLO B2L Mezzanine USD 0.9%
Income
Carlyle Daytona CLO INCOME Note USD 2.0%
Carlyle McLaren 2007-1 B2L Mezzanine USD 0.4%
Celerity 2004-1A E Mezzanine USD 0.5%
Income
Cornr 2007-1A Note USD 2.8%
CSAM I D1 Mezzanine USD 0.9%
Income
CTRPK 2011-1A SUB Note USD 0.8%
Income
Denali Capital CLO VI PREF Note USD 0.3%
Dryden 2006-14EX E Mezzanine EUR 0.9%
Income
Eaton Vance CDO VIII SUBORD Note USD 1.1%
Franklin CLO VI E Mezzanine USD 1.1%
Income
FTHIL 2007-1A SUB Note USD 3.0%
Income
Galaxy 2006-7 SUB Note USD 0.5%
Gale Force 2 CLO E Mezzanine USD 0.4%
Income
Gale Force 2 CLO EQUITY Note USD 3.5%
Gale Force 2005-1 E Mezzanine USD 1.4%
Gale Force 3 CLO D Mezzanine USD 0.8%
Gale Force 3 CLO E Mezzanine USD 0.8%
Income
Gale Force 3 CLO PREF Note USD 2.7%
Gale Force 4 CLO E Mezzanine USD 2.8%
Income
Gale Force 4 CLO INCOME Note USD 4.3%
Green Park CDO E Mezzanine EUR 0.3%
Hyde Park CDO B.V. E Mezzanine EUR 0.6%
ING Investment Management Income
II Pref Note USD 3.0%
ING Investment Management Income
V SUBORD Note USD 2.7%
INGIM 2007-4A D Mezzanine USD 0.4%
INGIM 2011-1A D Mezzanine USD 0.8%
Inwood Park CDO 2006-1 A
E Mezzanine USD 0.6%
Income
Inwood Park CDO SUBORD Note USD 6.1%
Kingsland 2006-3X D2 Mezzanine USD 0.5%
LCM 2A E1 Mezzanine USD 0.6%
Morningside 2010-1X E Mezzanine USD 0.5%
Mountain View CLO II E Mezzanine USD 0.9%
Income
Mountain View CLO II PREF Note USD 0.2%
NYLIM Flatiron CDO 2006-1 Income
SUBORD Note USD 0.5%
OCT7 2004-7A B2L Mezzanine USD 0.9%
Octagon Investment Partners Income
XI Pref Note USD 3.8%
Income
Prospect Park CDO SUBORD Note USD 1.9%
Income
Rampart CLO 2007-1A SUBORD Note USD 1.3%
RSIDE 2011-3X SNR Mezzanine USD 2.1%
Sargas CLO I (Prev CS Advisors Income
CLO I) SUBORD Note USD 0.3%
Saturn 2007-1 D Mezzanine USD 0.8%
Income
Silverado CLO 2006-I SUBORD Note USD 1.4%
Income
Stone Tower CLO 2006-5X SUBORD Note USD 0.5%
Income
Stone Tower CLO 2007-6A SUBORD Note USD 2.3%
Income
Stone Tower CLO 2007-7X SUBORD Note USD 1.9%
Symphony CLO IV E Mezzanine USD 0.3%
Income
Trimaran IV Pfd Note USD 1.4%
Income
Venture VII CDO INCOME Note USD 0.6%
VITES 2006-1A BIL Mezzanine USD 1.3%
Westbrook CLO B Senior USD 0.5%
Westbrook CLO E Mezzanine USD 0.6%
Total 100.0%
(2) Note: Main portfolio as at 31 December 2011, new investments
currently in C share pool as at 17 February 2012 valued using
purchase price
Capitalised terms in this announcement shall have the same
meanings as in the Prospectus unless otherwise stated.
For further information please contact:
GSO Capital Partners International LLP
Miguel Ramos-Fuentenebro +44 (0)20 7451 4000
Singer Capital Markets Limited +44 (0)20 3205 7500
James Maxwell
Dexion Capital plc
Ravi Anand +44 (0)20 7832 0981
This information is provided by RNS
The company news service from the London Stock Exchange
END
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