Executive Summary
CQS Rig Finance Fund Limited is a newly established closed-ended limited liability investment company. The Company's investment objective is to provide Shareholders with an attractive total return, primarily through income with scope for capital appreciation. The Company will target, in the absence of unforeseen circumstances, an annualised gross dividend yield of 8 per cent. of the net asset value of the Company. The investment adviser will seek to achieve the investment objective of the Company by sourcing and trading a portfolio of secured debt instruments using fundamental credit and industry analysis to identify instruments with an attractive risk-adjusted yield. Such debt instruments are expected to be primarily issued to finance the construction, modification and/or refurbishment of rigs and other infrastructure and/or equipment used for the offshore exploration and production of oil and natural gas. The Company will seek, on a global basis, to capture on its investments attractive risk-adjusted yields and potential capital appreciation arising from possible corporate activity, including but not limited to, refinancing and industry consolidation. Returns are expected to be enhanced through gearing the Company's investment portfolio by up to 100 per cent. although gearing up to 150 per cent. is permitted. The Company will seek to construct its investment portfolio using a range of securities, derivatives and other agreements including but not limited to positions in bonds, floating rate securities, sovereign bonds, asset-backed securities, loans, repurchase agreements, interest rate and credit default swaps and swap options, total return swaps, interest rate futures and options, bond futures and options, currency swaps, foreign exchange contracts, futures and options and other options and derivatives.
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