/C O R R E C T I O N -- Tetragon Financial Group Limited/
In the news release, "Tetragon Financial Group Limited (TFG) Monthly Update For December 2009" issued on 19 Jan 2010 08:00 GMT, by Tetragon Financial Group Limited AEX:TFG over PR Newswire, we are advised by a representative of the company that in the 'Portfolio Composition' table, the 'TFG group Net Assets ($MM)' figure should read $806.8 and NOT $808.8 as incorrectly transmitted by PR Newswire. Complete, corrected release follows:
, /PRNewswire-FirstCall/ -- Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG".
In this monthly update, unless otherwise stated, we report on the consolidated business incorporating TFG and Tetragon Financial Group Master Fund Limited.[1]
Net Asset Value Estimates as of December 31, 2009
(Amounts provided are unaudited and subject to change)
(in millions except per share data)
Estimated Fair Value of Investments: $655.2
Cash and Cash Equivalents: $174.5
Net Other Assets/ (Liabilities): $(22.9)
Estimated Net Asset Value: $806.8
TFG Shares Outstanding: 130.1
Net Asset Value per Share:[2] $6.47
---------------------------------
[1] TFG invests substantially all its capital through a master fund,
Tetragon Financial Group Master Fund Limited ("TFGMF") in which it
holds a 100.0% share.
[2] Excludes 5.28 million shares held in treasury.
Portfolio Composition
Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of December 31, 2009
Report Date TFG Share TFG group TFG group No. of
Price ($) Market Cap Net Assets Closed CLO
($MM)(1) ($MM) Transactions
31 December 2009 $3.91 $508.5 $806.8 61(2)
Capital allocation by Risk Investment Investment Overall
Asset Class Capital - Fair - Amortized Leverage
Allocation Value Cost B/Fwd (5)
($MM)(3) ($MM)(4)
Broadly Syndicated Senior
Secured Loans: US 72.3% $473.6 $710.0
Broadly Syndicated Senior
Secured Loans: Europe 6.7% $43.8 $207.6
Middle Market Senior
Secured Loans: US 21.0% $137.8 $175.5
CDOs Squared: US 0.0% $0.0 $0.0
ABS and Structured
Finance: US 0.0% $0.0 $0.0
Total 100.0% $655.2 $1,093.1 0.81
Geographic Allocation by Asset Class USA Europe Asia Total
Pacific
Broadly Syndicated Senior Secured Loans 91.5% 8.5% 0.0% 100.0%
Middle Market Senior Secured Loans 100.0% 0.0% 0.0% 100.0%
CDOs Squared 0.0% 0.0% 0.0% 0.0%
ABS and Structured Finance 0.0% 0.0% 0.0% 0.0%
93.3% 6.7% 0.0% 100.0%
Top 15 Underlying Bank Loan Credits Bank Loan
Exposure
(6)
Community Health 0.92%
TXU Corp 0.85%
HCA Inc 0.81%
Univision Communications 0.80%
Georgia Pacific Corp 0.79%
Aramark Corp 0.64%
First Data Corp 0.63%
Cablevision Systems Corp 0.63%
SunGard Data Systems Inc 0.61%
Calpine Corp 0.57%
Nielsen Company 0.57%
Celanese US Holdings LLC 0.55%
Sabre Holdings Corp 0.53%
Mylan Laboratories 0.53%
NRG Energy 0.52%
EUR-USD FX: 1.43
(1) Calculated using TFG shares outstanding and month end exchange price.
(2) Excludes CDO-squared and ABS CDO transactions which were written
off in October 2007. TFG continues to hold the economic rights to 4
of these written-off transactions.
(3) Equivalent to Investment in Securities at Fair Value in the US GAAP
Financial Statements.
(4) Investments at Amortized Cost less interest accrued since last
payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd
determines CDO income.
(5) Equals CDO Amortized Cost BFwd / Book Value.
(6) Calculated as a percentage of total corporate loan assets that TFG
has exposure to based on its equity-based pro-rata share of each
CLO's total portfolio (net of any single name CDS hedges held
against that credit).
Tetragon Financial Group Limited (TFG)
Monthly Update For December 2009
Expected Upcoming Events Date
January 2010 Monthly Report February 17, 2010 (approx)
Q4 financial results and 2009 audited
financial statements March 1, 2010
Q4 dividend ex date March 1, 2010
Q4 dividend record date March 3, 2010
Quarterly investor call March 5, 2010
February 2009 Monthly Report March 17, 2010 (approx)
Q4 dividend payment date March 25, 2010
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act ("FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.
For further information, please contact:
TFG: Press Inquiries:
David Wishnow/Yuko Thomas Finsbury
Investor Relations Charles Chichester/Talia Druker/Rollo Head
[email protected] +44-20-7251-3801
------
Tetragon Financial Group Limited (TFG) Monthly Update For December 2009
LONDON, January 19 /PRNewswire-FirstCall/ -- Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG".
In this monthly update, unless otherwise stated, we report on the consolidated business incorporating TFG and Tetragon Financial Group Master Fund Limited.[1]
Net Asset Value Estimates as of December 31, 2009
(Amounts provided are unaudited and subject to change)
(in millions except per share data)
Estimated Fair Value of Investments: $655.2
Cash and Cash Equivalents: $174.5
Net Other Assets/ (Liabilities): $(22.9)
Estimated Net Asset Value: $806.8
TFG Shares Outstanding: 130.1
Net Asset Value per Share:[2] $6.47
---------------------------------
[1] TFG invests substantially all its capital through a master fund,
Tetragon Financial Group Master Fund Limited ("TFGMF") in which it
holds a 100.0% share.
[2] Excludes 5.28 million shares held in treasury.
Portfolio Composition
Portfolio Held by Tetragon Financial Group Master Fund Limited
(unless otherwise stated)
As of December 31, 2009
Report Date TFG Share TFG group TFG group No. of
Price ($) Market Cap Net Assets Closed CLO
($MM)(1) ($MM) Transactions
31 December 2009 $3.91 $508.5 $808.8 61(2)
Capital allocation by Risk Investment Investment Overall
Asset Class Capital - Fair - Amortized Leverage
Allocation Value Cost B/Fwd (5)
($MM)(3) ($MM)(4)
Broadly Syndicated Senior
Secured Loans: US 72.3% $473.6 $710.0
Broadly Syndicated Senior
Secured Loans: Europe 6.7% $43.8 $207.6
Middle Market Senior
Secured Loans: US 21.0% $137.8 $175.5
CDOs Squared: US 0.0% $0.0 $0.0
ABS and Structured
Finance: US 0.0% $0.0 $0.0
Total 100.0% $655.2 $1,093.1 0.81
Geographic Allocation by Asset Class USA Europe Asia Total
Pacific
Broadly Syndicated Senior Secured Loans 91.5% 8.5% 0.0% 100.0%
Middle Market Senior Secured Loans 100.0% 0.0% 0.0% 100.0%
CDOs Squared 0.0% 0.0% 0.0% 0.0%
ABS and Structured Finance 0.0% 0.0% 0.0% 0.0%
93.3% 6.7% 0.0% 100.0%
Top 15 Underlying Bank Loan Credits Bank Loan
Exposure
(6)
Community Health 0.92%
TXU Corp 0.85%
HCA Inc 0.81%
Univision Communications 0.80%
Georgia Pacific Corp 0.79%
Aramark Corp 0.64%
First Data Corp 0.63%
Cablevision Systems Corp 0.63%
SunGard Data Systems Inc 0.61%
Calpine Corp 0.57%
Nielsen Company 0.57%
Celanese US Holdings LLC 0.55%
Sabre Holdings Corp 0.53%
Mylan Laboratories 0.53%
NRG Energy 0.52%
EUR-USD FX: 1.43
(1) Calculated using TFG shares outstanding and month end exchange price.
(2) Excludes CDO-squared and ABS CDO transactions which were written
off in October 2007. TFG continues to hold the economic rights to 4
of these written-off transactions.
(3) Equivalent to Investment in Securities at Fair Value in the US GAAP
Financial Statements.
(4) Investments at Amortized Cost less interest accrued since last
payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd
determines CDO income.
(5) Equals CDO Amortized Cost BFwd / Book Value.
(6) Calculated as a percentage of total corporate loan assets that TFG
has exposure to based on its equity-based pro-rata share of each
CLO's total portfolio (net of any single name CDS hedges held
against that credit).
Tetragon Financial Group Limited (TFG)
Monthly Update For December 2009
Expected Upcoming Events Date
January 2010 Monthly Report February 17, 2010 (approx)
Q4 financial results and 2009 audited
financial statements March 1, 2010
Q4 dividend ex date March 1, 2010
Q4 dividend record date March 3, 2010
Quarterly investor call March 5, 2010
February 2009 Monthly Report March 17, 2010 (approx)
Q4 dividend payment date March 25, 2010
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act ("FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.
For further information, please contact:
TFG: Press Inquiries:
David Wishnow/Yuko Thomas Finsbury
Investor Relations Charles Chichester/Talia Druker/Rollo Head
[email protected] +44-20-7251-3801
SOURCE Tetragon Financial Group Limited
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