NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION.
FOR IMMEDIATE RELEASE
1 February 2024
GCP Asset Backed Income Fund
Limited
("GABI" or the
"Company")
LEI:
213800FBBZCQMP73A815
Loan
prepayment
The Company has received cash proceeds of £18m from the early partial
repayment (the "Prepayment") of a loan secured against a portfolio
of property investments (the "Relevant Loan"). The contractual
repayment date of the Relevant Loan is March 2024. As part of
arrangements agreed with the relevant borrower in connection with
the Prepayment, the Company has agreed to extend the maturity of
the remaining amount of the Relevant Loan and other loans made to
the wider borrower group (the "Group Loans") totalling c. £53.7m,
which are also due in March 2024, to no later than 29 June 2024.
The Company has also agreed to an increase in the interest
rates of the Group Loans in the period until the 29 June 2024 to
align such terms with the current credit market
conditions.
Following the Prepayment the Company
is expected to have a cash balance of c. £50m. The Company has no
outstanding balance under its revolving credit facility ("RCF").
The Company has recently announced that the Board is in discussion
with its advisers in connection with the initiation of a £7 million
share buyback programme in the coming weeks that would enable the
Company to make capital available for return to shareholders in the
period to 30 April 2024. Any share buyback programme may be
tempered by regulatory and commercial considerations in connection
with any potential approaches for the Company at the relevant
time.
This announcement contains inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014, as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018 (as amended) ("MAR"). Upon
publication of this announcement, the inside information is now
considered to be in the public domain for the purposes of
MAR. The person responsible for
arranging the release of this announcement on behalf of the Company
is Sophie Botterill, Manager at Apex Financial Services
(Alternative Funds) Limited.
For further
information:
|
Gravis Capital Management Limited - Investment
Manger
Philip Kent
Anthony Curl
Cameron Gardener
|
+44 (0)20 3405 8500
|
|
Barclays Bank PLC, acting through its Investment Bank -
Corporate Broker
Dion Di Miceli
Stuart Muress
James Atkinson
|
+44 (0) 20 7623 2323
BarclaysInvestmentCompanies@barclays.com
|
|
Buchanan/Quill - Media Enquiries
Helen Tarbet
Henry Wilson
George Beale
|
+44 (0)20 7466 5000
|
Notes to the Editor
About GABI
GCP Asset Backed Income Fund Limited
is a closed ended investment company. Its shares are traded on the
Premium Segment of the Main Market of the London Stock Exchange.
Its investment objective is to generate attractive risk-adjusted
returns primarily through regular, growing distributions and modest
capital appreciation over the long term.
The Company seeks to meet its
investment objective by making investments in a diversified
portfolio of predominantly UK based asset backed loans which are
secured against contracted, predictable medium to long term cash
flows and/or physical assets.
Rule 26.1 disclosure
In accordance with Rule 26.1 of the
Code, a copy of this announcement will be available (subject to
certain restrictions relating to persons resident in restricted
jurisdictions) at https://www.graviscapital.com/funds/gabi-strategic-review/literature
by no later than 12 noon (London time) on the
business day following the date of this announcement. The content
of the website referred to in this announcement is not incorporated
into and does not form part of this announcement.
