Media Releases |
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Keybridge Acquires Remaining Interest in PR Finance Group Limited (PRFG) Mezzanine Loan
14 May 2013 |
- •Keybridge acquires the remaining 15.5% minority interest in its PRFG mezzanine loan for
$1.72 million
- •Purchase at a 15% discount relative to 31 December 2012 book value
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In July 2012 Keybridge sold down a 15.5% interest in its PRFG mezzanine loan to a strategic investor
for $2 million. Keybridge announces that it has now acquired back this minority interest for $1.72 million
(net of interest payments received by the strategic investor), returning the Company's interest in the
asset to 100% ownership.
The transaction returns full control of the loan decision-making back to Keybridge, including matters that go to its previously announced Scheme of Arrangement to acquire PRFG.
The interest in the loan was acquired at a discount to face value reflecting the current uncertainty
around the loan which has not performed since 31 January 2013. The purchase price is at a 15%
discount to Keybridge's reported 31 December 2012 book value of its then 84.5% interest in the loan.
Keybridge will consider its carrying value of the aggregate loan at its end of year accounts.
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Keybridge Capital is a financial services company that has invested in, or lent to, transactions which are predominantly in the asset classes of property, aviation, shipping and infrastructure.
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For further information, please contact:
Nicholas Bolton
Executive Director
Tel: +61 2 9321 9000
www.keybridge.com.au
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Adrian Martin
Chief Financial Officer
Tel: +61 2 9321 9000
www.keybridge.com.au |
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