ICG Enterprise Trust Plc: Financing Facility Update

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 date	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                                                 [phone]
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                                                                                     [phone]
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.