7 October 2009
NB Private Equity Partners Limited (the "Company") announced on 28
August 2009 that it was considering proposals to issue a new class of
Zero Dividend Preference Shares ("ZDP Shares") later this year. The
Board, having further considered the proposed ZDP Share issue, is
today announcing key indicative terms of the proposed ZDP Share
Reasons for the ZDP Share Issue
The Board continues to believe that NBPE's current capital position
is strong and that the Company's existing private equity portfolio is
well-positioned to generate attractive returns over the long term.
However, additional capital from a ZDP Share issue would provide a
number of additional benefits to the Company.
The Board believes that a number of potentially attractive investment
opportunities, including secondary and distressed investments, are
accessible in the current market environment and that opportunities
for attractive investments will continue to be available over the
next one to two years. The issue of ZDP Shares would allow the
Company to further enhance its capital position as well as provide
additional resources to take advantage of these market opportunities
through targeting selected investments over a period of time.
Key Indicative Terms*
The Company is proposing the following key indicative terms in
relation to the ZDP Shares:
* Gross Redemption Yield of 7.3 per cent
* ZDP Share Life of 7.5 years (to 31 May 2017)
* Initial Asset Cover of approximately 4 times
*Proposed terms of the ZDP Shares are indicative only and subject to
change. Initial Asset Cover reflects the ratio of net assets to the
assets required to pay the final entitlement.
Subject to market conditions it is expected that the final terms of
the ZDP Shares and the target size of the issue will be announced in
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Oriel Securities +44 20 7710 7600
Financial Dynamics +44 20 7269 7114
About NB Private Equity Partners Limited
NBPE is a closed-end private equity fund of funds investment company
admitted to trading on Euronext Amsterdam and the Specialist Fund
Market of the London Stock Exchange. NBPE holds a diversified
portfolio of private equity fund investments and direct
co-investments selected by the NB Alternatives group of Neuberger
Berman, diversified across private equity asset class, geography,
industry, vintage year and sponsor.
This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
NBPE is established as a closed-end investment company domiciled in
Guernsey. NBPE has received the necessary consent of the Guernsey
Financial Services Commission and the States of Guernsey Policy
Council. NBPE is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Markets Supervision Act (Wet op het financial toezicht).
All investments are subject to risk. Past performance is no guarantee
of future returns. The value of investments may fluctuate. Results
achieved in the past are no guarantee of future results. This
document is not intended to constitute legal, tax or accounting
advice or investment recommendations. Prospective investors are
advised to seek expert legal, financial, tax and other professional
advice before making any investment decision. Statements contained in
this document that are not historical facts are based on current
expectations, estimates, projections, opinions and beliefs of NBPE's
investment manager. Such statements involve known and unknown risks,
uncertainties and other factors, and undue reliance should not be
placed thereon. Additionally, this document contains "forward-looking
statements." Actual events or results or the actual performance of
NBPE may differ materially from those reflected or contemplated in
such targets or forward-looking statements.
Oriel Securities Limited ("Oriel") is acting for NBPE and no-one else
in connection with NBPE and will not be responsible to anyone other
than NBPE for providing the protections afforded to customers of
Oriel or for providing advice in relation to NBPE.
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.