QuotedData’s morning briefing 7 January 2021

In QuotedData’s morning briefing 7 January 2021, as the Democrats win control of the Senate and the US Capitol building is invaded, the news in the investment companies industry is a bit more mundane:

  • Hipgnosis Songs has entered into an agreement with a syndicated group of lenders, with JPMorgan Chase Bank as lead arranger, to increase its revolving credit facility from $400m to $600m. The company may request to increase the facility commitment by a further $150m, subject to certain conditions. Total borrowings will not exceed 30% of NAV. The LIBOR floor (minimum interest rate) component of the cost of debt has been removed, reducing the cost of debt.
  • TwentyFour Select Monthly Income Fund will shrink as 46.1m shares were tendered in its quarterly tender and only 10m of these were placed with other investors. The selling shareholders will get 89.3p per share (as compared to NAV of 91.12p). Most of these shares were tendered by a single shareholder who bought them in March 2020 – we think at about 73.5p.
  • Connells has bought Schroder’s stake in Countrywide and now has 52.3% support for its bid for the company.
  • Hg Capital has invested in Prophix, a provider of corporate performance management software. The trust is investing £15.7m as part of this deal.

We also have some portfolio news from Riverstone Credit Opportunities, a disposal by Oakley Capital and a new investment by RTW Venture.

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