JZ Capital Ptnrs Ltd Redemption of Subordinated Loan Notes
15 Fevereiro 2023 - 4:00AM
UK Regulatory
TIDMJZCP TIDMJZCC TIDMJZCN
JZ CAPITAL PARTNERS LIMITED (the "Company" or "JZCP")
(a closed-ended investment company incorporated with limited liability under
the laws of Guernsey with registered number 48761)
LEI 549300TZCK08Q16HHU44
Redemption of Subordinated Loan Notes
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) NO. 596/2014, WHICH FORMS PART OF UK LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
15 February 2023
JZ Capital Partners Limited, the London listed fund that has investments in US
and European microcap companies and US real estate, is pleased to announce
that, following a number of recent realisations (including most recently the
closing of the Deflecto Holdings' portfolio company disposal as announced by
the Company on 24 January 2023) and consistent with the Company's investment
policy of repaying its debt obligations, the Company has undertaken an early
voluntary redemption in full of its subordinated 6 per cent. loan notes issued
to David W. Zalaznick and John (Jay) Jordan II and their affiliates (the
"Noteholders") which were due to mature on 30 September 2023 (the "Subordinated
Loan Notes"). In connection with the voluntary redemption, the Company has
funded the payment to the Noteholders of approximately US$32 million in respect
of the principal and interest outstanding under the Subordinated Loan Notes.
As previously announced, voluntary redemptions of the Subordinated Loan Notes
are permitted, provided certain financial tests as set out within the senior
facility agreement provided by WhiteHorse Capital Management, LLC (the "Senior
Facility") are satisfied. These include (a) there being no event of default in
existence under the Senior Facility, (b) the Company maintaining a minimum
asset coverage ratio (calculated by reference to eligible assets, subject to
customary ineligibility criteria and concentration limits, plus unrestricted
cash) of not less than 4.00 to 1.00, and (c) ensuring the Company retains an
aggregate amount of unrestricted cash and cash equivalents of not less than
US$12.5 million.
Following the voluntary redemption of the Subordinated Loan Notes, the Company
has approximately US$105 million of cash and cash equivalents. The Company
needs to continue to maintain such cash liquidity to invest in accordance with
its existing investment policy to maximise the value of its existing portfolio
investments where appropriate, as well as in the current uncertain economic
climate to support them and so as to meet existing obligations as they fall
due.
The Company remains focused upon its existing investment policy as approved by
shareholders, which includes not making further investments outside of existing
obligations or to support existing portfolio companies, and with the intention
of realising the maximum value of the Company's investments and, after
repayment of all its indebtedness, to return capital to shareholders.
Market Abuse Regulation
The information contained within this announcement is considered by the Company
to constitute inside information as stipulated under MAR. Upon the publication
of this announcement, this inside information is now considered to be in the
public domain.
The person responsible for arranging the release of this announcement on behalf
of the Company is David Macfarlane, Chairman of JZCP.
______________________________________________________________________________________
For further information:
Kit Dunford / Ed Berry +44 (0)7717 417 038 / +44 (0)7703
FTI Consulting 330 199
David Zalaznick +1 (212) 485 9410
Jordan/Zalaznick Advisers, Inc.
Hannah Hayward +44 (0) 1481 745417
Northern Trust International Fund
Administration Services (Guernsey)
Limited
Important Notice
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", "estimates", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or comparable
terminology. These forward-looking statements relate to matters that are not
historical facts. 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. Forward-looking statements are not
guarantees of future performance. The Company's actual investment performance,
results of operations, financial condition, liquidity, policies and the
development of its strategies may differ materially from the impression created
by the forward-looking statements contained in this announcement. In addition,
even if the investment performance, result of operations, financial condition,
liquidity and policies of the Company and development of its strategies, are
consistent with the forward-looking statements contained in this announcement,
those results or developments may not be indicative of results or developments
in subsequent periods. These forward-looking statements speak only as at the
date of this announcement. Subject to their legal and regulatory obligations,
each of the Company, Jordan/Zalaznick Advisers, Inc. and their respective
affiliates expressly disclaims any obligations to update, review or revise any
forward-looking statement contained herein whether to reflect any change in
expectations with regard thereto or any change in events, conditions or
circumstances on which any statement is based or as a result of new
information, future developments or otherwise.
END
(END) Dow Jones Newswires
February 15, 2023 02:00 ET (07:00 GMT)
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