TIDMHVPE
RNS Number : 4817Y
HarbourVest Global Priv. Equity Ltd
06 December 2017
6 December 2017
HARBOURVEST GLOBAL PRIVATE EQUITY ANNOUNCES RENEWAL OF CREDIT
FACILITY
-- Extended to five years, expiring December 2022
HarbourVest Global Private Equity Limited ("HVPE" or "the
Company"), a closed-end investment company, has announced the
successful renewal of its existing $500 million multi-currency
credit facility ("the Facility") with Lloyds Bank plc and Credit
Suisse AG. The lenders will provide an equal commitment of $250
million each. While retaining similar covenants to the prior deal,
the Facility now has a duration of five years and extends to
December 2022. Lloyds Bank plc will act as agent.
The commitment fee on the undrawn Facility is unchanged at 115
basis points. The LIBOR margin applicable to the Facility is 275
basis points for borrowings of less than $250 million; a further 30
basis points will be payable on the total sum drawn if borrowings
exceed $250 million. This compares with a LIBOR margin of 300 basis
points on the previous terms, which increased to 330 basis points
payable on the total sum on borrowings greater than $250
million.
The Company moved to a net cash position in August 2014, and has
had no requirement for the use of borrowed funds in the intervening
period. The Company held net cash of $176 million as at 31 October
2017 and as of today's date, the Facility remains undrawn.
Sir Michael Bunbury, Chairman of HVPE, commented:
"I am pleased to confirm that the Board has approved an
extension of the Company's existing $500 million credit facility.
With an additional year negotiated under the terms of the deal, the
new five-year Facility sees the expiry date move out to December
2022.
"This renewal, with the extended duration and improved financial
terms, provides additional comfort for a further five years and
demonstrates the Board's commitment to shareholders to prudently
manage the Company's balance sheet."
- ENDS -
Enquiries:
HVPE
Richard Hickman Tel: +44 (0)20 rhickman@harbourvest.com
7399 9847
Charlotte Edgar Tel: +44 (0)20 cedgar@harbourvest.com
7399 9826
HarbourVest Partners
Laura Thaxter Tel: +1 (617) lthaxter@harbourvest.com
348 3695
MHP Communications
Charlie Barker / Tel: +44(0)20 hvpe@mhpc.com
Tim Rowntree / Kelsey 3128 8100
Traynor
Notes to Editors:
About HarbourVest Global Private Equity Limited:
HarbourVest Global Private Equity Limited ("HVPE" or the
"Company") is a Guernsey-incorporated, closed-end investment
company which is listed on the Main Market of the London Stock
Exchange and is a constituent of the FTSE 250 index. HVPE is
designed to offer shareholders long-term capital appreciation by
investing in a private equity portfolio diversified by geography,
stage of investment, vintage year, and industry. The Company
invests in and alongside HarbourVest-managed funds which focus on
primary fund commitments, secondary investments and direct
co-investments in operating companies. HVPE's investment manager is
HarbourVest Advisers L.P., an affiliate of HarbourVest Partners,
LLC, an independent, global private markets investment specialist
with more than 35 years of experience.
About HarbourVest Partners, LLC:
HarbourVest is an independent, global private markets investment
specialist with more than 35 years of experience and more than $45
billion in assets under management. The Firm's powerful global
platform offers clients investment opportunities through primary
fund investments, secondary investments, and direct co-investments
in commingled funds or separately managed accounts. HarbourVest has
more than 400 employees, including more than 100 investment
professionals across Asia, Europe, and the Americas. This global
team has committed more than $32 billion to newly-formed funds,
completed over $18 billion in secondary purchases, and invested
over $7 billion directly in operating companies. Partnering with
HarbourVest, clients have access to customised solutions,
longstanding relationships, actionable insights, and proven
results.
This announcement is for information purposes only and does not
constitute or form part of any offer to issue or sell, or the
solicitation of an offer to acquire, purchase or subscribe for, any
securities in any jurisdiction and should not be relied upon in
connection with any decision to subscribe for or acquire any
Shares. In particular, this announcement does not constitute or
form part of any offer to issue or sell, or the solicitation of an
offer to acquire, purchase or subscribe for, any securities in the
United States or to US Persons (as defined in Regulation S under
the US Securities Act of 1933, as amended ("US Persons")). Neither
this announcement nor any copy of it may be taken, released,
published or distributed, directly or indirectly to US Persons or
in or into the United States (including its territories and
possessions), Canada, Australia or Japan, or any jurisdiction where
such action would be unlawful. Accordingly, recipients represent
that they are able to receive this announcement without
contravention of any applicable legal or regulatory restrictions in
the jurisdiction in which they reside or conduct business. No
recipient may distribute, or make available, this announcement
(directly or indirectly) to any other person. Recipients of this
announcement should inform themselves about and observe any
applicable legal requirements in their jurisdictions.
The Shares have not been and will not be registered under the US
Securities Act of 1933, as amended (the "Securities Act") or with
any securities regulatory authority of any state or other
jurisdiction of the United States and, accordingly, may not be
offered, sold, resold, transferred, delivered or distributed,
directly or indirectly, within the United States or to US Persons.
In addition, the Company is not registered under the US Investment
Company Act of 1940, as amended (the "Investment Company Act") and
shareholders of the Company will not have the protections of that
act. There will be no public offer of the Shares in the United
States or to US Persons.
This announcement has been prepared by the Company and its
investment manager, HarbourVest Advisers L.P. (the "Investment
Manager"). No liability whatsoever (whether in negligence or
otherwise) arising directly or indirectly from the use of this
announcement is accepted and no representation, warranty or
undertaking, express or implied, is or will be made by the Company,
the Investment Manager or any of their respective directors,
officers, employees, advisers, representatives or other agents
("Agents") for any information or any of the opinions contained
herein or for any errors, omissions or misstatements. None of the
Investment Manager nor any of their respective Agents makes or has
been authorised to make any representation or warranties (express
or implied) in relation to the Company or as to the truth, accuracy
or completeness of this announcement, or any other written or oral
statement provided. In particular, no representation or warranty is
given as to the achievement or reasonableness of, and no reliance
should be placed on any projections, targets, estimates or
forecasts contained in this announcement and nothing in this
announcement is or should be relied on as a promise or
representation as to the future.
Other than as required by applicable laws, the Company gives no
undertaking to update this announcement or any additional
information, or to correct any inaccuracies in it which may become
apparent and the distribution of this announcement. The information
contained in this announcement is given at the date of its
publication and is subject to updating, revision and amendment. The
contents of this announcement have not been approved by any
competent regulatory or supervisory authority.
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", "projects",
"estimates", "anticipates", "expects", "intends", "plans", "goal",
"target", "aim", "may", "will", "would", "could", "should" or
"continue" or, in each case, their negative or other variations or
comparable terminology. These forward looking statements include
all matters that are not historical facts and include statements
regarding the intentions, beliefs or current expectations of the
Company. 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 and may be
beyond the Company's ability to control or predict. Forward looking
statements are not guarantees of future performance. More detailed
information on the potential factors which could affect the
financial results of the Company is contained in the Company's
public filings and reports.
All investments are subject to risk. Past performance is no
guarantee of future returns. Prospective investors are advised to
seek expert legal, financial, tax and other professional advice
before making any investment decision. The value of investments may
fluctuate. Results achieved in the past are no guarantee of future
results.
This announcement is issued by the Company, whose registered
address is Ground Floor Dorey Court, Admiral Park, St Peter Port,
Guernsey, GY1 2HT.
(c) 2017 HarbourVest Global Private Equity Limited. All rights
reserved.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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