CQS RIG FINANCE FUND LIMITED
Monthly Shareholder Fact Sheet
CQS Rig Finance Fund Limited (the "Company") a closed-ended investment company
incorporated in Guernsey, is pleased to announce that its Monthly Fact Sheet for
November 2010 is now available on the Company's website (www.cqsrigfinance.com)
and includes information on the top ten investments and outstanding borrowings.
November was a volatile month for risk assets. Initial optimism pushed US
equities to year-to-date highs before selling off sharply as the market gave way
to concerns around European peripheral sovereign risk and rate hikes in China.
The S&P 500 Index started and ended the month around the 1180 level and the oil
price ended the month up $2 at c. $84 per barrel level. The final NAV per share
closed up 1.2% at the end of November 2010 at 27.78 pence against 27.45 pence at
the end of the prior month. This was caused by a number of small gains across
It was a relatively quiet month in terms of news-flow on the portfolio but there
were three key items of note.
During the month the company received cash payments from the redemption of the
Skeie Drilling and Production bonds by Rowan Companies Inc. This enabled the
Company to fully repay its unsecured loan facility as reported in the RNS of
30th November 2010. This left the Company in a net cash positive position at
Other positive news was received as Vantage Drilling Co. took delivery of the
drillship 'Platinum Explorer' on time and on budget from Daewoo Shipbuilding and
Marine Engineering. The rig is now heading for a five-year contract with ONGC in
India at a day rate of $585,000.
There was a new bond issue during the month. Golden Close Maritime Corp. Ltd.
issued a $460m five year 1st lien bond. The investment pays 11% fixed coupon and
is callable after two years at a price of 106. The proceeds from the bond form
the take out financing for the Deepsea Metro I, a Gusto P-10000 sixth generation
ultra deepwater drillship. The Company was allocated an amount of this bond at
For further information, please contact:
Lynette Le Prevost
Kleinwort Benson (Channel Islands) Fund Services Limited
Director, Corporate Finance
020 7012 2000
All market data sourced from Bloomberg.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: CQS Rig Finance Fund Ltd via Thomson Reuters ONE