TIDMTORO
RNS Number : 9010T
Toro Limited
23 July 2015
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN.
23 July 2015
Toro Limited
Primary Investment - Private Asset Backed Finance Strategy
Toro Limited announces a further primary investment under the
Private Asset Backed Finance Strategy.
Primary Investment
Toro Limited (Toro or the Company) has invested EUR10m in junior
instruments in a short term loan warehousing transaction backed by
a portfolio of leveraged corporate loans. Senior finance was
provided by a leading global bank and financial services firm (the
Bank).
The portfolio provides exposure to primarily European and UK
corporates with ratings at or higher than B-. The portfolio is
diversified with an expected maximum concentration of 4% by group
of borrowers. The junior instruments represent first loss risk and
the Company expects the thickness of the tranche (approximately
17%) to provide a resilient feature.
Upon acquisition, the transaction represented approximately 2.8%
of the Company's net asset value. Following the above transaction
and other cash flows the Company is now approximately 85%
invested.
The expected return of the investment is in excess of Toro's
target gross return for Private Asset-Backed Finance of
approximately 15%. Chenavari Investment Managers, the Portfolio
Manager of the Company, continues to work on a pipeline of
originated transactions with attractive risk-adjusted returns.
About Toro
Toro, incorporated in Guernsey, is a closed-ended investment
company admitted to trading on the specialist fund market of the
London Stock Exchange on 8 May 2015. The investment objective of
Toro is to deliver an absolute return from investing and trading in
Asset Backed Securities and other structured credit investments in
liquid markets, and investing directly or indirectly in asset
backed transactions including, without limitation, through the
origination of credit portfolios. Toro continues and extends the
credit strategy successfully managed by the Chenavari Financial
Group since mid-2009 via its flagship fund Toro Capital IA and IB,
whose shareholders voted to transition their holdings to Toro for
its launch.
Forward-looking statements
This announcement contains forward-looking statements including,
without limitation, statements containing the words "believes",
"estimates", "anticipates", "expects", "intends", "may", "will",
"target" or "should" or, in each case, their negative or other
variation or similar expressions. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, financial condition,
performance or achievement of Toro or any Originator, or industry
results, to be materially different from future results, financial
condition, performance or achievements expressed or implied by such
forward-looking statements. Past performance is not a reliable
indicator of future performance and Toro may not achieve the same
level of returns as those achieved by previous investments. Target
returns are estimated only and net of fees, expenses and income
reinvested. They are based on long-term performance projections of
the investment strategy and market conditions at the time of
modelling and therefore, subject to change. There is no guarantee
that any target returns can be achieved. Investors should not place
reliance on such target returns in deciding whether to invest in
Toro.
About Chenavari
Chenavari Investment Managers is part of the Chenavari Financial
Group, a specialist alternative asset management group focusing on
European & Asian markets. With over 100 professionals and
USD5.5 billion of assets under management, funds managed by
Chenavari target investment strategies across Credit (Corporate and
High yield, Financials, Credit Derivatives), Structured Finance
(ABS, CMBS, Regulatory Capital) and Illiquid Opportunities (Private
Debt, Real Estate, Consumer Finance, Private Equity). The Chenavari
group contains entities authorized and regulated by several
regulators globally, including the UK FCA, the Luxembourg CSSF, the
US SEC, the US CFTC and the Hong Kong SFC. (www.chenavari.com)
Enquiries:
Kirstie McLaren
Chenavari Investment Managers
Email: Investor-relations@chenavari.com
Telephone: +44 20 7259 3600
Robert Peel
Dexion Capital plc
Telephone: +44 20 7832 0900
IMPORTANT INFORMATION
This document has been issued by Toro, and should not be taken
as an inducement to engage in any investment activity and is for
the purpose of providing information about the Company. This
document does not constitute or form part of, and should not be
construed as, any offer for sale or subscription of, or
solicitation of any offer to buy or subscribe for, any share in the
Company or securities in any other entity, in any jurisdiction,
including the United States, Canada, Japan, South Africa nor shall
it, or any part of it, or the fact of its distribution, form the
basis of, or be relied on in connection with, any contract or
investment decision whatsoever, in any jurisdiction.
This document, and the information contained therein, is not for
viewing, release, distribution or publication in or into the United
States, Canada, Japan, South Africa or any other jurisdiction where
applicable laws prohibit its release, distribution or publication,
and will not be made available to any national, resident or citizen
of the United States, Canada, Japan or South Africa. The
distribution of this document in other jurisdictions may be
restricted by law and persons into whose possession this document
comes must inform themselves about, and observe, any such
restrictions. Any failure to comply with the restrictions may
constitute a violation of the federal securities law of the United
States and the laws of other jurisdictions.
The shares issued and to be issued by the Company (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. The Shares may not be offered, sold, resold,
pledged, delivered, distributed or otherwise transferred, directly
or indirectly, into or within the United States, or to, or for the
account or benefit of, US persons (as defined in Regulation S under
the Securities Act). No public offering of the Shares is being made
in the United States.
The Company has not been and will not be registered under the US
Investment Company Act of 1940, as amended (the "Investment Company
Act") and, as such, holders of the Shares will not be entitled to
the benefits of the Investment Company Act. No offer, sale, resale,
pledge, delivery, distribution or transfer of the Shares may be
made except under circumstances that will not result in the Company
being required to register as an investment company under the
Investment Company Act. Neither the U.S. Securities and Exchange
Commission (the "SEC") nor any state securities commission has
approved or disapproved of the Shares or passed upon or endorsed
the merits of the offering of the Shares or the adequacy or
accuracy of the Company's prospectus. Any representation to the
contrary is a criminal offence in the United States. In addition,
the Shares are subject to restrictions on transferability and
resale in certain jurisdictions and may not be transferred or
resold except as permitted under applicable securities laws and
regulations. Investors may be required to bear the financial risks
of their investment in the Shares for an indefinite period of time.
Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdictions.
No liability whatsoever (whether in negligence or otherwise)
arising directly or indirectly from the use of this document is
accepted and no representation, warranty or undertaking, express or
implied, is or will be made by the Company, 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 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 document, 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, targets, estimates or forecasts contained
in this document and nothing in this document is or should be
relied on as a promise or representation as to the future.
Unless otherwise indicated, the information provided herein is
based on matters as they exist as of the date of preparation and
not as of any future date.
All investments are subject to risk, including the loss of the
principal amount invested. Past performance is no guarantee of
future returns. All investments to be held by the Company involve a
substantial degree of risk, including the risk of total loss. The
value of shares and the income from them is not guaranteed and can
fall as well as rise due to stock market and currency movements.
When you sell your investment you may get back less than you
originally invested. You should always seek expert legal,
financial, tax and other professional advice before making any
investment decision.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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