Credit Facility Refinance - January 2011

RNS Number : 6425C

J.P. Morgan Private Equity Ltd

10 March 2011

 



JPEL ANNOUNCES $150 Million MULTI-CURRENCY
CREDIT FACILITY WITH LLOYDS BANK CORPORATE MARKETS

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GUERNSEY, 10 MARCH 2011

J.P. Morgan Private Equity Limited ("JPEL" or the "Company") is pleased to announce that it has reached agreement on the terms of a new multi-currency credit facility in the amount of US$150 million with Lloyds Bank Corporate Markets.

Proceeds from the new facility will be used to refinance the Company's existing $100 million facility with Fortress Credit Corp, which is scheduled to mature in 2012.  

The Lloyds Bank Corporate Markets facility offers the Company multi-currency flexibility, improved pricing and a longer maturity date of May 2013.  Key terms of the facility include:

·      LIBOR +275bps for a loan to value ratio (LTV) of less than or equal to 10%, with no LIBOR floor

·      LIBOR +325bps for a LTV ratio of greater than 10%, with no LIBOR floor

The Company believes that this larger, multi-currency facility will better support JPEL as it seeks to capitalize on opportunities within the secondary private equity markets and grow assets under management.  

"We are pleased to expand our relationship with Lloyds Bank Corporate Markets.  This new facility provides a meaningful reduction in debt service costs and significantly enhances JPEL's financial flexibility to support its overall strategic initiatives" said Trevor Ash, JPEL's Chairman.  

Robina Barker Bennett, Global Head of Funds, Lloyds Bank Corporate Markets added, "We place great value on our long-standing relationship with JPEL and are pleased to be able to provide the Company with the financing it needs in the context of its growth aspirations."

"Refinancing the existing credit facility is an important milestone for JPEL.  The Directors believe that the refinancing will benefit the Company," added Trevor Ash.

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About J.P. Morgan Private Equity Limited

J.P. Morgan Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL, JPEZ, JPZZ) designed primarily to invest in the global private equity market.  The investment objective of the Company is to achieve both short and long-term capital appreciation by investing in a well diversified portfolio of private equity fund interests and by capitalising on the inefficiencies of the secondary private equity market.  On 17 August 2009, JPEL issued warrants free of subscription cost to shareholders on record.  The warrants are publicly traded on the London Stock Exchange under the symbol "JPWW."

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For further information please contact:

J.P. Morgan Private Equity Limited

Troy Duncan / Greg Getschow  

[phone] / [phone]  

[e-mail] / [e-mail]  

Peregrine Communications

Anthony Payne / Max Hilton

[phone]  

[e-mail] / [e-mail]  

For Lloyds Bank Corporate Markets

Louise Riordan

Financial Dynamics

+ 44 (0)20 7269 9308 / 07515 597 556

[e-mail]

 

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