TIDMHSLE
RNS Number : 0391W
HarbourVest Senior Loans Europe Ltd
20 December 2013
20 December 2013
HARBOURVEST SENIOR LOANS EUROPE LIMITED ("HSLE" OR "THE
COMPANY")
REPAYMENT OF LOAN AND APPROVAL OF B SHARE CAPITAL RETURN
Following further re-financing activity in the portfolio, the
Company is pleased to announce that it expects to make a Capital
Return to shareholders of GBP8.2 million or 5.85 pence per ordinary
share. This would bring total capital returned to shareholders
since June 2012 to 55.51 pence per ordinary share.
As set out in the Company's IPO prospectus dated 27 April 2010
(the "Prospectus"), following the Investment Period, the Company
expects to make distributions of Capital Returns comprising
repayments of invested capital and capital gains resulting from the
realisation of the discounts to par at which secondary loans are
purchased. Capital Returns will be made from cash arising from
investee company loan repayment or refinancing, together with
ongoing loan amortisation. In accordance with the terms of the
Prospectus, the Directors expect that the mechanism for making the
Capital Return will be by way of a bonus issue and immediate
redemption of B Shares on a pro rata basis.
The Capital Return will be paid via cheque on 17 January 2014 to
shareholders on the register on 10 January 2014. The ex-dividend
date is 8 January 2014.
Capitalised terms in this announcement have the meaning given to
them in the Prospectus which is available to view on the Company's
website at www.hvsle.com.
Enquiries:
HarbourVest / HSLE
Stuart Howard +44 (0)20 7399 9815
Laura Thaxter +1 617 348 3695
Notes to Editors:
Information on the Company:
HarbourVest Senior Loans Europe Limited is a
Guernsey-incorporated company listed on the main market of the
London Stock Exchange.
The Company's investment objective is to provide shareholders
with a combination of a high level of income and capital growth
over time, whilst preserving capital. The investment period of HSLE
has now concluded and the Company has invested in accordance with
it original investment policy and objective. The Company has
invested in senior secured loans of private equity-backed European
mid-market companies.
HSLE is managed by Harbourvest Senior Loan Advisers L.P. (the
"Manager") a limited partnership organised under the laws of the
State of Delaware and which is an affiliate of HarbourVest
Partners, LLC ("HarbourVest"), a private equity firm based in
Boston, U.S.A, whose history dates back to 1982.
The Company is regulated by the Guernsey Financial Services
Commission and is not regulated or authorised by the Financial
Services Authority, but is subject to the Listing Rules applicable
to closed-ended investment companies.
To learn more about HSLE, please visit www.hvsle.com
About HarbourVest Partners, LLC:
HarbourVest is an independent global private equity investment
firm and an SEC registered investment advisor, providing vehicles
for institutional investors to invest in the venture capital and
buyout markets in the U.S., Europe, and elsewhere through primary
partnerships, secondary purchases, and direct investments. The
HarbourVest team began investing in 1982 and has committed more
than $30 billion to investments over its 30-year history. Across
its global investment platform, HarbourVest and its affiliates have
more than 230 employees in Boston, London, Hong Kong, Tokyo,
Bogotá, and Beijing.
www.harbourvest.com
***
This announcement is for information purposes only and does not
constitute or form part of any offer to issue or sell, or the
solicitation of an offer to acquire, purchase or subscribe for, any
securities in any jurisdiction and should not be relied upon in
connection with any decision to subscribe for or acquire any
Shares. In particular, this announcement does not constitute or
form part of any offer to issue or sell, or the solicitation of an
offer to acquire, purchase or subscribe for, any securities in the
United States or to US Persons (as defined in Regulation S under
the US Securities Act of 1933, as amended ("US Persons")). Neither
this announcement nor any copy of it may be taken, released,
published or distributed, directly or indirectly to US Persons or
in or into the United States (including its territories and
possessions), Canada, Australia or Japan, or any jurisdiction where
such action would be unlawful. Accordingly, recipients represent
that they are able to receive this announcement without
contravention of any applicable legal or regulatory restrictions in
the jurisdiction in which they reside or conduct business. No
recipient may distribute, or make available, this announcement
(directly or indirectly) to any other person. Recipients of this
announcement should inform themselves about and observe any
applicable legal requirements in their jurisdictions.
The Shares have not been and will not be registered under the US
Securities Act of 1933, as amended (the "Securities Act") or with
any securities regulatory authority of any state or other
jurisdiction of the United States and, accordingly, may not be
offered, sold, resold, transferred, delivered or distributed,
directly or indirectly, within the United States or to US Persons.
In addition, the Company is not registered under the US Investment
Company Act of 1940, as amended (the "Investment Company Act") and
shareholders of the Company will not have the protections of that
act. There will be no public offer of the Shares in the United
States or to US Persons.
This announcement has been prepared by the Company and its
investment manager, HarbourVest Senior Loan Advisers L.P. (the
"Investment Manager"). No liability whatsoever (whether in
negligence or otherwise) arising directly or indirectly from the
use of this announcement is accepted and no representation,
warranty or undertaking, express or implied, is or will be made by
the Company, the Investment Manager or any of their respective
directors, officers, employees, advisers, representatives or other
agents ("Agents") for any information or any of the opinions
contained herein or for any errors, omissions or misstatements.
None of the Investment Manager nor any of their respective Agents
makes or has been authorised to make any representations or
warranties (express or implied) in relation to the Company or as to
the truth, accuracy or completeness of this announcement, or any
other written or oral statement provided. In particular, no
representation or warranty is given as to the achievement or
reasonableness of, and no reliance should be placed on any
projections, targets, estimates or forecasts contained in this
announcement and nothing in this announcement is or should be
relied on as a promise or representation as to the future.
Other than as required by applicable laws, the Company gives no
undertaking to update this announcement or any additional
information, or to correct any inaccuracies in it which may become
apparent. The information contained in this announcement is given
at the date of its publication and is subject to change without
notice. The contents of this announcement have not been approved by
any competent regulatory or supervisory authority.
This announcement includes statements that are, or may be deemed
to be, "forward looking statements". These forward looking
statements can be identified by the use of forward looking
terminology, including the terms "believes", "projects",
"estimates", "anticipates", "expects", "intends", "plans", "goal",
"target", "aim", "may", "will", "would", "could", "should" or
"continue" or, in each case, their negative or other variations or
comparable terminology. These forward looking statements include
all matters that are not historical facts and include statements
regarding the intentions, beliefs or current expectations of the
Company. By their nature, forward looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future and may be
beyond the Company's ability to control or predict. Forward looking
statements are not guarantees of future performance. More detailed
information on the potential factors which could affect the
financial results of the Company is contained in the Company's
public filings and reports.
HarbourVest Senior Loans Europe Limited is registered as a
closed-ended investment scheme in accordance with the Protection of
Investors (Bailiwick of Guernsey) Law, 1987, as amended and the
Registered Collective Investment Scheme Rules 2008 issued by the
Guernsey Financial Services Commission (the "Commission"). The
Company is regulated by the Commission and is not regulated or
authorised by the Financial Services Authority, but is subject to
the Listing Rules applicable to closed-ended investment
companies.
All investments are subject to risk. Past performance is no
guarantee of future returns. Prospective investors are advised to
seek expert legal, financial, tax and other professional advice
before making any investment decision. The value of investments may
fluctuate. Results achieved in the past are no guarantee of future
results.
This announcement is issued by the Company, whose registered
address is at BNP Paribas House, St. Julian's Avenue, St. Peter
Port, Guernsey, GY1 1WA, Channel Islands.
(c) 2011 HarbourVest Senior Loans Europe Limited. All rights
reserved.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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