Interim Management Statement

RNS Number : 5457W

NB Distressed Debt Invest. Fd. Ltd

19 November 2010

 



NB DISTRESSED DEBT INVESTMENT FUND LIMITED

INTERIM MANAGEMENT STATEMENT

NB Distressed Debt Investment Fund Limited (the "Company"), is publishing this Interim Management Statement in accordance with DTR 4.3 of the FSA Handbook.

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from listing, 10 June 2010, to 18 November 2010, and contains information that covers this period.

Manager Review

As at the date of publication, 18 November 2010, the Investment Manager continues to see a broad array of opportunities and has invested across several sectors, including: power, telecommunications, lodging and casinos, real estate, food products, transportation, financials, airlines and healthcare.

The progress to date is in line with the Company's stated intention to be fully invested within nine months and the Investment Manager remains confident that it will continue to deploy capital on a timeline consistent with that set out in the Company's Prospectus.

In line with previous announcements, the Company intends to provide further and regular updates including details on portfolio breakdown, performance and market commentary.

Material Events and Transactions

The Initial Public Offering of the Company took place on 10 June 2010, raising gross proceeds of approximately $197.2 million. 

On 20 October 2010, the Company raised additional capital by way of a secondary placing of ordinary shares in the Company in the amount of 242,983,252 shares at a price of $1.005 per share, which were admitted to trading on Specialist Fund Market of the London Stock Exchange and the Official List of the Channel Islands Stock Exchange.

The Company has raised total net proceeds of $432.6 million via the Initial Public Offering and the secondary placing.

Report and Accounts

The Company's first Annual Report and Accounts will be for the period ended 31 December 2010 and will be made public within four months following the period end. 

Financial Highlights

		18 November 2010	30  September 2010	30 June 2010
NAV per share - US ¢		97.40	96.80	97.86

Investment Policy & Objective

The Company is a closed-ended investment company limited by shares registered and incorporated in Guernsey under the Companies Laws on 20 April 2010, with registration number 51774. The Company's primary objective is to provide investors with attractive risk-adjusted returns through long-biased, opportunistic stressed, distressed and special situation credit-related investments while seeking to limit downside risk by, amongst other things, focusing on senior and senior secured debt with both collateral and structural protection

The financial information from incorporation, 20 April 2010, to 30 June 2010 has been audited however the information from 1 July 2010 to the publication date, 18 November 2010, contained within this Interim Management Statement, has not been audited.

By order of the Board

BNP Paribas Fund Services (Guernsey) Limited, for and on behalf of

NB Distressed Debt Fund Limited

as Company Secretary

 

END

 

 

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