Overview
JPMorgan Senior Secured Loan will seek to realise all existing assets in its portfolio with a view to maximising the return of invested capital to Shareholders in an orderly manner. Any cash received by the company as part of the realisation process, but prior to its distribution to shareholders, will be held by the company as cash on deposit and/or as cash equivalents. The company will not undertake borrowing other than for short-term working capital purposes. The company will not use derivatives other than for the purposes of currency hedging for non-Sterling assets.
The above investment policy replaced the following on 22 April 2016 – JPMorgan Senior Secured Loans had aimed to provide a high level of income with a secondary objective of capital appreciation. It had a diversified portfolio of mainly senior secured loans, together with junior loans and high yield bonds, including stressed debt of mainly US and Canadian companies.
Research History
News
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07 Mar 2016 2 min read
JPM Senior Secured Loan paves way for liquidation, removes credit facility
Following consultations with shareholders JPMorgan Senior Secured Loan’s Board announced last month that it would seek approval to place the Company into voluntary liquidation, affording all Shareholders the opportunity of a full cash exit at net asset value less costs. In late March 2016 the Board will publish a circular which will provide notice of two […]
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20 Feb 2016 1 min read
JPMorgan Senior Loans to wind up
The Board of JPMorgan Senior Secured Loan has considered the future prospects of the Company, particularly in light of the commitment under its Articles of Incorporation to make a redemption offer for 50 per cent. of its shares, triggered by the Company’s shares trading at an average discount in excess of five per cent during […]
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20 Jan 2016 5 min read
JPMorgan Senior Secured Loan 50% tender triggered
JPMorgan Senior Secured Loan has announced that it looks as though a 50% tender will be triggered. The Board says it wants to remind shareholders that when JPMorgan Senior Secured Loan was launched its prospectus included a commitment to make a redemption offer giving shareholders the opportunity to redeem up to 50 per cent. of […]
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10 Apr 2015 1 min read
Manager compensates JPMorgan Senior Secured after hedging error
JPMorgan Senior Secured Loan has received £1.686m in compensation from JPMorgan after an error led to losses of that amount on the company’s currency hedging. This pushes the NAV back up to 97.58p (including accrued income) and the shares trade at a 5.3% discount to this. JPSL : Manager compensates JPMorgan Senior Secured after hedging […]
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31 Mar 2015 2 min read
JPMorgan Senior Secured loan hit by energy exposure and hedging problems
JPMorgan Senior Secured Loan Fund has published results covering the period from its launch in December 2013 to the end of January 2015. They say they got the money they raised in the initial offer invested by the end of January 2014 and, from then until the end of the period, the fund produced a […]
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18 Dec 2013 1 min read
JP Morgan Senior Loan : JPSL – new issue
JP Morgan Senior Loans started trading this morning. 79m shares were issued at £1 per share. The fund is domiciled in Guernsey and managed by Jim Shanahan and Bill Morgan from J.P. Morgan Asset Management’s High Yield team, based in Cincinnati, Ohio. JPSL will invest in a broadly diversified portfolio of floating-rate debt instruments, at least 80% […]
