Financing Facility Update
01/06/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230601:nGNE6t5jVt&default-theme=true
ICG Enterprise Trust agrees new €240m revolving credit facility
ICG Enterprise Trust plc (‘ICGT’) is pleased to announce that it has
signed a new revolving credit facility (‘RCF’) which will be effective
from 31 May 2023. This RCF has replaced the previous €240m facility, and
extends the maturity of ICGT’s financing facility by one year, through to 30
May 2027.
The key terms of the new RCF are included below:
Lenders SMBC Bank International plc Lloyds Bank Corporate Markets plc
Capacity €240m (multicurrency)
Term 4 years
Maturity d ate 30 May 2027
Upfront cost 120bps
Fee on undrawn amounts 115bps per annum
Fee on drawn amounts Currency Base Rate Margin
EUR EURIBOR 300bps per annum
GBP SONIA 300bps per annum
USD SOFR 320bps per annum
ICGT’s purpose for using the facility remains unchanged: the RCF will be
used to finance short term fluctuations in working capital. At 31 January
2023, ICGT had net debt of £44.7m (audited), and at 26 May 2023 had net debt
of £13.1m (unaudited).
Jane Tufnell, Chair of ICG Enterprise Trust, commented:
“We are pleased to have agreed this facility and to broaden our financing
base with two new lending partners. The agreement of this RCF reinforces our
strong balance sheet, and supports ICG Enterprise Trust’s ability to
continue to execute on our investment pipeline and to deliver for our
shareholders.”
Enquiries
Analyst / Investor enquiries
+44 (0) 20 3545 2000
Oliver Gardey, Head of Private Equity Fund Investments, ICG
Colm Walsh, Managing Director, ICG
Chris Hunt, Head of Shareholder Relations, ICG
Livia Bridgman Baker, Shareholder Relations,
ICG
Media
+44 (0) 20 3545 1395
Clare Glynn, Corporate Communications, ICG
Website
www.icg-enterprise.co.uk
About ICG Enterprise Trust
ICG Enterprise Trust plc (‘ICGT’) is a leading listed private equity
investor focused on creating long-term growth by delivering consistently
strong returns through selectively investing in profitable, cash-generative
private companies, primarily in Europe and the US, while offering the added
benefit to shareholders of daily liquidity.
ICGT invests in companies directly as well as through funds managed by
Intermediate Capital Group plc ('ICG') and other leading private equity
managers who focus on creating long-term value and building sustainable growth
through active management and strategic change.
We have a long track record of delivering strong returns through a flexible
mandate and selective approach that strikes the right balance between
concentration and diversification, risk and reward
Disclaimer
The information contained herein does not constitute an offer to sell, or the
solicitation of an offer to acquire or subscribe for, any securities in any
jurisdiction where such an offer or solicitation is unlawful or would impose
any unfulfilled registration, qualification, publication or approval
requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or
agents. Equity securities in the Company have not been and will not be
registered under the applicable securities laws of the United States,
Australia, Canada, Japan or South Africa (each an “Excluded
Jurisdiction”). The equity securities in the Company referred to herein and
on the pages that follow may not be offered or sold within an Excluded
Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"),
or to any national, resident or citizen of an Excluded Jurisdiction.
The information on the pages herein may contain forward looking statements.
Any statement other than a statement of historical fact is a forward looking
statement. Actual results may differ materially from those expressed or
implied by any forward looking statement. The Company does not undertake any
obligation to update or revise any forward looking statements. You should not
place undue reliance on any forward looking statement, which speaks only as of
the date of its issuance